Many people are jumping into the
Evanston Real Estate Market as the warm weather continues to roll in and real estate prices are maintaining their low appeal. And while
Evanston is a great city in which to plant your roots; there are 12 hidden costs that every home owner needs to know. I wanted to share these with you as my goal is to provide information and guidance to my clients. Some of these costs may seem obvious, while others are rarely thought of until they peek out from underneath the blanket of the home buying process. I want to make sure are prepared before you begin, so be sure to review the following costs.
1. Home Inspection- It is a great idea to hire a professional to inspect a home before you purchase as they can bring your attention to any major or long term issues. Let me know if you need a recommendation for an
Evanston home inspector.
2. Pest Inspection- Buyers should consider having the wood of the home inspected for termites or other wood-destroying bugs. These inspections can run between $50-$200, but can save your home from further damage and larger costs.
3. Appraisal Fees- Before a purchase, your home must be inspected by a professional real estate appraiser as this helps lenders determine the amount of money to lend borrowers.
4. Closing Costs- At the final closing meeting in which you sign all documents, you should be prepared to pay closing costs that can be a few thousand dollars. These fees include processing fees, underwriting fees, recording, survey and title insurance fees. Many buyers roll these fees into their offer on the home and can be discussed with the seller and the participating agents.
5. Moving Expenses- Unless you are moving down the street, buyers will have to be prepared for moving expenses such as renting movers, a moving truck, and any possible shipping costs depending on how far you are moving.
6. Furniture- You may come to realize that in buying a bigger home that you have space to fill and buying new furniture or additional items is necessary.
7. Property taxes and homeowners insurance- First time home buyers should be aware that your monthly bill will not only include the loan amount plus interest, but also the property taxes and premiums for homeowners insurance, which all mortgage borrowers are required to obtain.
8. Supplemental insurance- Buyers who are purchasing a home in a flood zone may have to buy supplemental insurance. There are tools online to help determine if you home is in a flood zone or you can
ask me any questions regarding the home and it's property.
9. Homeowners association/condo fees- There are many great
condos in Evanston some of which will have monthly condo fee. While you may not be keen on paying this additional cost, oftentimes it covers items such as snow removal, landscaping and even water.
10. Utilities- These costs vary from city to city so it’s always good to expect to see a difference in monthly bills. I can help answer questions on the average costs of utilities in
Evanston or any other questions you may have concerning the Evanston community!
11. Ongoing maintenance- You may love the thought of a large backyard, but keeping in mind the cost of maintaining your yard or garden. If you are buying your first home you may not have all of the tools such as a hedge trimmer or lawn mower to keep your
Evanston yard looking fresh. Also keep in mind any type of exterior or interior maintenance you noticed about your new home and factor in the additional costs.
12. Repairs- Covering all repairs tends to be one of the larger transitional points for those
first time home owners. It’s wise to set aside a small amount monthly to ensure that if additional repairs are required, the funds are already in place to cover the extra expense.
Feel free to contact me with any questions you have! The
home buying process can seem daunting at first, but I would be happy to walk with you each step of the way. There are many nice
houses and condos in Evanston and I’m sure we can find one that fits your needs and style!
Judy Newton
Your Evanston Real Estate Expert
Coldwell Banker
Evanston Real Estate
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