Facebook Twitter LinkedIn Email

5 Real Estate Costs to Consider When Buying a Home

11/30/2019 12:54 PM

It is everyone's dream to buy a home someday. Buying a house means taking a huge step forward in one’s life (probably the biggest asset one would ever buy!). But when buying a house, buyers don’t just look for ones they like, but also for the ones they can afford. An ideal real estate website must have all the details that a buyer looks for while buying a home. You need to ensure that your site conveys to the customer that the final rate of a house is not the only factor. There are a few other financial factors of home ownership that a buyer needs to keep in mind from the moment they decide to buy one.

Here are 5 major costs you need to make sure are mentioned in your real estate website:

Down Payment

Down payment. Yes, it is kinda scary. To have enough money to put down while buying a house is the one of biggest challenges buyers face. So what exactly is down payment? It is the amount of money that the buyer pays the seller beforehand and a mortgage secured to cover the rest. This amount is deducted from the total amount of the mortgage and indicates the beginning equity that is, the buyer’s ownership stake in a house and property.

Mortgage Payment

A down payment is one’s first step to buying a house. Along with that, another cost that a buyer needs to keep up with are mortgage payments. They are monthly payments that consist of principal and interest paid by the buyer to the home loan lender. With the help of a mortgage calculator, buyers can determine what they should expect to pay. At Zeekin, we provide you with just the right tools to help your buyers calculate their mortgage costs.

Homeowner’s Insurance

Majority of mortgage lenders insist that buyers purchase a homeowner’s insurance before processing their application. This is critical and protects buyers from fire, theft, storms and other catastrophes. The money spent on the insurance depends on the age, quality, size and location of the home. This amount can be paid along with the monthly mortgage payment or once every year.

To know more on insurance listings, check out our page: www.zeekin.com

Property Taxes

Owning a home makes the buyer subject to property taxes levied by the local government. This amount levied is used for public expenses, such as schools, parks and other infrastructural services. The tax amount differs from location to location and also depends on the home value. With our property tax calculator feature for you website, you buyers can easily calculate a particular home’s tax burden.

Closing Costs

One of the most important but at the same time, most ignored factors of buying a home are closing costs. This is an amount that is paid at the closing of a real estate transaction before the buyer receives the keys to their home. It includes a collection of fees charged by a mortgage lender and third-party service providers to document secure and complete the financial transaction on a home sale.  With the loan estimate provided by the lender, the buyer gets a clear idea about their costs. It can come upto 5% of the home’s purchase price.

Though buying a new home is exciting for it’s a new milestone in life, it is also important that a buyer keeps track of all the financial aspects of owning a home from the beginning. With a little extra effort, calculating the extra expenses in advance will save the buyer from sticker shock during the closing deals and enable them with a smooth transition into home ownership.

And how to make sure this happens you ask? We, at Zeekin build you a website that has every detail and feature that buyers look for while buying a house and that they leave your site satisfied.

Contact US schedule a demo