Tuesday, February 28, 2012

12 Hidden Costs To Be Aware of When Buying an Evanston Home This Spring!

The spring season is just around the corner which means the Evanston Real Estate market will begin seeing more activity.  As the weather gets warmer, those interested in buying a home in Evanston start to consider their options and begin touring homes that are currently on the Evanston Real Estate market.
If you’re one who’s hoping to find your ideal home in Evanston this spring; you’ll want to get started soon!  Since the national housing market is still leaning in favor of buyers, the competition for homes in Evanston will be more aggressive, especially during the busier spring season.  If you are buying a home in Evanston for the first time, or you’ve just been out of the Evanston Real Estate market for some time; you’ll want to review the following twelve hidden costs to ensure you’re fully prepared and don’t come across financial surprises along the way.
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 us know if you need a recommendation for an Evanston home inspector;  we’d be happy to help!

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 which 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, you 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, you’ll have space to fill.  Buying additional furniture is an expense that can oftentimes be overlooked, but can be necessary in moving to your new Evanston home

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 your home is in a flood zone or we can discuss this as you view the homes in Evanston that interest you. 

9. Homeowners association fees- There are many great neighborhoods and condos in Evanston and the surrounding areas, some of which will have a monthly HOA fee. While you may not be keen on paying this additional cost, oftentimes it covers items such as trash removal, landscaping, or even golf fees. 

10. Utilities- These costs vary from city to city so it’s always good to expect to see a difference in monthly bills. We can help answer questions on the average costs of utilities in the Evanston area!

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 each month to ensure that if additional repairs are required, the funds are already in place to cover the extra expense.
As Evanston Real Estate agents, The Thomas Team, we hope these tips are useful as you consider buying a home in Evanston.  Our goal is to provide you with current real estate information and tips as you enter the Evanston Real Estate market.
If you are ready to begin your Evanston home search, or still have a few more questions; please contact us!  We’re here to help in any way we can and look forward to helping you find the home in Evanston for which you’ve been searching!
We look forward to working with you!

The Thomas Team
Chicago's #1 Real Estate Brokerage

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