Danielle Edwards

RE/MAX Executive

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Costs to Remember when Buying a Home

March 10, 2023 by Danielle Edwards

Learn About Home Buying Costs

When buying a home, there are many costs that go beyond the down payment and mortgage.

Homebuyers should factor in several additional expenses such as closing costs, appraisal fees, transfer tax, homeowner’s insurance fees and more. What’s more, these costs differ by state.

 

Closing Costs:

Closing costs typically include lawyer fees, title search fees and other administrative expenses associated with the completion of a sale agreement. Depending on where you live, closing costs could range from 2-5% of the purchase price of the home.

 

Appraisal Fees:

Appraisal fees generally depend on the size and complexity of the property being appraised but can range from $200-$1000 or more in some cases.

 

Transfer Taxes:

Transfer taxes are state or local fees that are paid on the sale of a house. The amount of transfer tax can range from 0-2% of the purchase price, depending on where you live.

 

Homeowner’s Insurance Fees:

Homeowners insurance is an annual fee that pays for repairs and damages to the home. Generally, this type of insurance costs between 0.2-1% of the purchase price annually.

 

Inspection Fees:

Home inspections typically cost around $500-$1000 but can vary widely depending on factors such as the size of the house and any special features it may have.

 

Closing Costs:

Closing costs can include fees for attorney’s services, title insurance, loan origination fees and other charges associated with obtaining a mortgage. Depending on your location, closing costs generally range from 2-6% of the purchase price.

 

Utility Bills:

Utility bills cover water, electricity, gas and other features such as trash pickup. These bills can range from a few hundred dollars to thousands of dollars per month, depending on your location, the size of your home and how energy efficient it is.

 

Maintenance & Repairs:

Home maintenance and repairs may cost anywhere between 2-4% of the purchase price annually. This includes costs for basic maintenance like mowing the lawn, as well as larger projects such as replacing a roof or an HVAC system.

 

Property Taxes:

Property taxes are paid annually and are calculated based on the assessed value of your home. The amount can range from 0.5-2% of your purchase price each year.

 

Insurance:

Homeowners insurance is typically required by the lender and can range from 0.2-1% of the purchase price each year. The cost may depend on your location, the size of your home and other factors.

 

HOA Fees:

If you are buying a condo or a home in a planned development, you may have to pay homeowner association (HOA) fees which cover shared amenities such as pools, common areas and parking lots. The cost of these fees can vary greatly depending on the type of property and the amenities offered.  Some communities will have capital contribution fees also, you see this more in the master plan communities.

 

Contact Danielle Edwards for information on Charlotte, NC, real estate. 

Danielle won Charlotte’s Best Female Realtor of 2022 by Elevate Magazine

Danielle Edwards

Charlotte Realtor® Danielle Edwards has been helping clients with their real estate needs since 2006.
2023 is the year of the Professional Realtor and getting back to a more normal real estate market.

Danielle Edwards
Charlotte Real Estate
Realtor, REMAX EXECUTIVE
Hefferon | Edwards Team

704-761-7484
Licensed In: NC
License #: 249833
Contact Me

Questions to Ask Real Estate Agent - Charlotte, NC

 

 

 

 

 

 

 

 

 

 

 

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Filed Under: Personal Interest, Uncategorized Tagged With: 28104, 28105, 28210, 28211, 28226, 28270, 28277, Appraisal, best real estate agent in charlotte, best realtor charlotte, charlotte favorite realtor, charlotte real estate tips, Closing Costs, HOA Fees, Homebuying, Homebuying Costs, Homebuying Tips, Homeowner's Insurance Fees, Insurance, Property Taxes, real estate tips, Repair Fees, top realtor charlotte

What to Know About Buying a Home in an HOA

July 12, 2021 by Danielle Edwards

HOA Community Charlotte

Thinking of Buying a Home with an HOA: Homeowners Association?

If you’re considering buying a home in an HOA (Homeowners Association), it’s important to know the details before making your decision. In Charlotte, NC, HOAs are common, and while they can protect the value of your property, an uninformed buyer could make a big mistake. Understanding the benefits and drawbacks of HOA communities will help you make a more informed choice.

What Is an HOA?

A homeowners association (HOA) is an organization that manages and regulates residential communities. By purchasing a home within an HOA, you agree to comply with the association’s rules and regulations, which could range from maintaining the appearance of your home to restrictions on property modifications.

What Types of Properties Have HOAs?

  • Single-family homes
  • Townhomes
  • Condominiums

What Are the Different Types of HOAs?

  • Voluntary HOA: Homeowners can choose whether to join.
  • Mandatory HOA: Every homeowner must be a member and adhere to the rules.
  • Optional HOA: Offers services to homeowners without mandatory participation.

Important HOA Considerations

Before you make an offer on a home with an HOA, consider these key questions:

  • Is there an architectural committee or review process?
  • Are there rules or regulations that might affect your lifestyle?
  • Are there any upcoming assessments?
  • What does the HOA cover for exterior maintenance?
  • Can you review the HOA’s financials?
  • When were major community updates (like the roof, pool, siding) last completed?
  • Are there restrictions on home-based businesses or commercial vehicles?
  • Are there limitations on cosmetic changes to your home, such as painting or adding a shed?
  • What about holiday decorations?

HOA Charlotte Community

Why Your Realtor Should Help You Navigate HOA Communities

Your Realtor® should provide you with the HOA documents before you make an offer. It’s also helpful to talk to neighbors for their perspective. Living in a Charlotte HOA can protect the integrity of your investment, but if you prefer flexibility over restrictions, it’s worth considering whether an HOA is right for you.

Want to Learn More About Living in an HOA?

Reach out to us, and we’ll be delighted to assist you. Stay tuned for all updates! Follow us on social media, Facebook, Instagram, and YouTube.

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Top Charlotte Real Estate Agent As Seen on House Hunters Charlotte guiding her buyer Lyndsay on her relocation.

 

Charlotte Real Estate Agent
Danielle Edwards

Selling Charlotte since 2006

info@soldondanielle.com

704-604-2999

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Filed Under: Charlotte Real Estate News Tagged With: ballantyne realtors, buying a home in a hoa, buying a home in an HOA, buying condo hoa, buying process, buying townhome hoa, charlotte homes for sale, Charlotte NC homes, Charlotte Remax Agent, condo HOAs, danielle edwards, exterior maintenance, hoa, HOA architecture review, HOA assessments, HOA benefits, HOA by-laws, HOA community, HOA Fees, HOA financials, HOA guidelines, HOA in Charlotte, HOA maintenance, HOA regulations, HOA restrictions, HOA rules, Home buying advice, home investments, homeowners association, homeownership, mandatory HOA, pros and cons of an hoa, real estate, real estate guide, real estate in Charlotte, realtor tips, remax agent charlotte, remax charlotte, single-family homes, south charlotte realtor, townhomes in HOA, voluntary HOA, what is an hoa, what to know hoa

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Danielle Edwards
RE/MAX Executive
12104 Copper Way Ste. 100
Charlotte, NC 28277
704-276-6882
info@soldondanielle.com

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