There is no doubt that one of the biggest purchase you will ever make is your home, or perhaps a second home, in Chetek WI. Many costs will enter the home buying equation, two of the largest being the down payment and your monthly mortgage payment, but there are a few others that Wisconsin buyers tend to overlook or forget to factor in entirely. As a result, you’re left with a bit of a shock on closing day.
Six Lakes Realty is happy to share these “hidden costs” of buying a home in the City of Lakes, so you can navigate the process easily and confidently, with no surprises or obstacles along the way! Below you will find four of the most common hidden costs— it is wise to add them into your budget now!
Closing Costs
Did you know that a large amount of homebuyers are not aware of closing costs? These costs cover aspects of the transaction like the title, lender, real estate agent and other settlement fees. Generally, buyers can expect to pay between 2 and 5 percent of the home’s value. As you shop for a mortgage for your new Chetek WI home, speak with your lender about the closing costs associated with your specific type of loan or at times, the seller may cover all or a portion of the costs for the buyer if worked into the offer.
Home Inspection
When buying a home in Northwestern Wisconsin, we recommend you complete a home inspection. The inspector will check for any structural issues, as well as problems with the main operating systems, the roof and the exterior of the property. Again, your offer may arrange for the seller to pay for the inspection, but otherwise the buyer will be responsible for the cost— totaling as much as $600. While this is an added cost, it provides the buyer with peace of mind, knowing what they are getting into before the purchase is final.
Home Maintenance
There will be several expenses involved with the upkeep of your new home in Chetek and buyers should make themselves aware of them prior to purchasing. The last thing you want after you’ve moved into a new home is to be blindsided by higher utilities or necessary repairs. Make a detailed budget to determine how much home you can realistically afford with these maintenance costs included. Don’t know how much to account for in this category? Simply add a little extra padding to your monthly mortgage payment, in the form of savings, in case something goes wrong or a utility bill is higher than expected.
Questions about what else you need to do to prepare to buy a home in Chetek WI? Give Six Lakes Realty a call today!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com