Real Estate Costs

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In purchasing real estate properties, you should be aware of the real estate costs. If you do not, you might be surprised when you total all the real estate costs that have accumulated during your purchase. Knowing beforehand actual real estate costs can help you prepare your finances and other resources. Another advantage of knowing actual real estate costs is the prevention of any delays with the purchase of the real property due to insufficient budget.

Before purchasing a real property, these are the real estate costs you must prepare for: deposit, stamp duty fees, solicitor fees, real estate agent fees, surveyor fees, snag list fees and mortgage fees.

1.Deposit: The amount is computed at 8-10 percent of the total contract price.
2.Stamp Duty Fees: The amount depends on the size of the real property, and is approximately 0-9% of the list price.
3.Solicitor Fees: They are usually hired to facilitate transactions. The solicitor fees cost around 0.75% to 1% of the list price plus vat plus legal outlays.
4.Real Estate Agent Fees: Depending on the real estate contract of sale between you and your agent, he amount can range from 10 to 15 percent of the list price.
5.Surveyor Fees: If you are buying second hand properties, hiring a surveyor is a wise decision. These surveyors may cost around $300 to $500 depending on the amount of work they have to accomplish.
6.Snag List Fees: This list are created to find out if there are much rectifiable problems with the real property. This list can amount to $200 or $250.
7.Mortgage Fees: This amount is paid to your mortgage adviser for real property value assessment and may reach $130 to $150.

These real estate costs are just "upfront" costs. You should consider other costs as well once you have purchased a real property. Costs may include minor renovations or upgrades like painting the walls of property in a different color or replacing windows and doors; purchase of new furniture such as sofas, beds, chairs, tables, lights and bulbs; monthly mortgage payments; insurance protection for the house and for the mortgage and utility bills like electricity, water, heat and grocery.

For assistance in determining exact amount of your real estate costs, you can ask Foreclosure Listings real estate agents. Their very professional and knowledgeable agents can answer all your questions and help you calculate correctly all the real estate costs you might incur.