Don’t Get Caught Off Guard: The Most Overlooked Fees in Buying & Selling
When buying or selling a home, most people focus on the big-ticket items, like the purchase price, down payment, or profit from the sale, but several overlooked costs can sneak up and impact your bottom line. Buyers can often underestimate expenses like home inspections, appraisal fees, lender fees, title insurance, closing costs, moving costs, and improvement projects, which can add thousands to the final amount. Sellers, on the other hand, should factor in costs of the sale, pre-sale repairs, potential buyer-requested repairs as a result of the home inspection findings, and/or concessions after inspections. Don’t forget to account for the seller's moving expenses, storage, and utility overlaps during the transition. Being aware of these costs upfront can help you budget more effectively and avoid last-minute stress during one of life’s biggest financial transactions. Reach out to us to clarify your situation, whether buying or selling.
- When you need to work on your credit. Maybe your credit score is just starting to recover, but you need more time to pay down debts for a couple of years. With rent-to-own, you could start investing in a home while you bring up your score.
- You’re close, but not quite ready to secure a mortgage. You might have a good job with a significantly bigger salary, but you haven’t been there long enough for a lender to consider it a stable source of income. Or maybe you’re self-employed and you’re still building a reliable track record. Rent-to-own allows time to build personal wealth and financial credibility while working toward your homeownership goals.
- When you know you’re going to buy when the lease expires. If you’re not ready to buy when the lease expires, then you will lose any rent credit, i.e. investment, you’ve put into the home.
