If you’re thinking about buying a home in Upstate, NY, and Hudson Valley, then you’ve probably already read quite a bit about the process. However, one of the most important parts of the process that many people overlook is what happens after you’ve made an offer on your dream home and the seller has accepted it. For example, did you know that you have three days to cancel your contract after your offer has been accepted?
What You Need to Know About Buying a Home in Upstate, NY and Hudson Valley – by Dino Alexander, CEO and Principal Broker at Alluvion Real Estate
The process from start to finish
Alluvion Real Estate is a one-stop real estate shop for all your home buying needs. Check out our website for full listings of available homes for sale. Our agents will take you through each step of the process from start to finish: coming up with a budget (with pre-approved mortgage options), writing an offer and negotiating offers, inspecting properties, and closing on your new home. We’ll also give you helpful tips on finding an agent or preparing your home as part of your offer so you get everything you want in exchange for what you can offer. Thanks to technology, our agents are more connected than ever—they use social media constantly—so they’re easy to reach any time with questions or concerns.
Mortgage rates
A mortgage rate is how much it costs you to borrow money for a home loan. The average mortgage rate varies greatly depending on where you live—what’s affordable in New York City isn’t necessarily affordable in Youngstown, Ohio. When buying a home, make sure you understand these rates so that you can plan accordingly. Remember: your monthly mortgage payment is what helps buy your house; don’t get yourself into trouble by paying too much for those first few years.
Property taxes
Most homeowners don’t realize that they could be paying more property taxes than they should. The best way to save is by buying your home with Alluvion Real Estate Team and understanding how property taxes work so you can do your part to lower them. Of course, if you want us to help out after purchase we can take care of it for you as well! For more information on saving money when buying or selling a home, contact Alluvion Real Estate today.
Closing costs
The closing costs you’ll pay when buying or selling a home are negotiable. At Alluvion Real Estate we’re happy to help guide you through these financial details so that you can get an offer accepted quickly and on your terms. In other words, if you don’t have time for these types of details, let us handle them for you! Contact us today to learn more. We look forward to hearing from you!
Broker fees
Real estate brokers and agents will typically charge anywhere from 1.5% to 3% of your home’s sale price as commission for their services—and that doesn’t include any other fees you might incur, such as property taxes or closing costs. On a $250,000 home purchase, that means you could spend up to $7,500 on commissions alone.
Legal fees
The actual amount of legal fees you’ll pay will vary from place to place. A recent industry survey by Nolo found that fees typically range from 1 percent to 3 percent of your home’s purchase price. In other words, on a $500,000 house, you might be looking at $5,000 in lawyer’s fees.
Professional inspection fees
Your agent will likely recommend that you hire an inspector before agreeing to purchase any home. Real estate agents are required by law to disclose any major problems with a property, but it’s ultimately your responsibility as a buyer or seller to ensure that you’re not buying (or selling) anything rotten. The cost of hiring a professional inspector varies depending on factors like the location and the size of your potential home. To avoid overspending, shop around for pricing beforehand.
