If you’ve taken the time to stop by my website and blog, chances are you’re considering buying a home on Lake Nacimiento this fall!  There are a number of great reasons to buy now before home prices and mortgage rates continue to rise, and there are a number of great homes on the Lake Nacimiento Real Estate market from which to choose!

Whether you’re considering buying an Oak Shores or Heritage Ranch home as a permanent residence or vacation getaway; there are a few hidden costs that can oftentimes be overlooked.  Whenever you’re getting ready to make a large purchase, you want to be sure to have all the facts.  As a Lake Nacimiento Real Estate agent, my goal is to provide you with all the information you need to make the right decision for you.

Before you begin your home search, take a few minutes to look at all the costs involved.

1. Home Inspection- It is a great idea to hire a professional to inspect a home before you purchase as they can bring your attention to any major or long term issues.  Let me know if you need a recommendation for a Lake Nacimiento home inspector; I’d be happy to help.

2. Pest Inspection- Buyers should consider having the wood of the home inspected for termites or other wood-destroying bugs. These inspections can run between $50-$200, but can save your home from further damage and larger costs.

3. Appraisal Fees- Before a purchase, your home must be inspected by a professional real estate appraiser as this helps lenders determine the amount of money to lend borrowers.

4. Closing Costs- At the final closing meeting in which you sign all documents, you should be prepared to pay closing costs which can be a few thousand dollars. These fees include processing fees, underwriting fees, recording, survey and title insurance fees. Many buyers roll these fees into their offer on the home and can be discussed with the seller and the participating agents.

5. Moving Expenses- Unless you are moving down the street, you will have to be prepared for moving expenses such as renting movers, a moving truck, and any possible shipping costs depending on how far you are moving.

6. Furniture- You may come to realize that in buying a bigger home or a second home, you’ll have space to fill.  Buying additional furniture is an expense that can oftentimes be overlooked, but can be necessary in moving to your new Lake Nacimiento home.

7. Property taxes and homeowners insurance- First time home buyers should be aware that your monthly bill will not only include the loan amount plus interest, but also the property taxes and premiums for homeowners insurance, which all mortgage borrowers are required to obtain.

8. Supplemental insurance- Buyers who are purchasing a home in a flood zone may have to buy supplemental insurance. There are tools online to help determine if your home is in a flood zone or I can discuss this as you view the homes in Oak Shores and Heritage Ranch that interest you.

9. Homeowners association fees- Both Oak Shores and Heritage Ranch have certain fees associated with ownership.  These fees cover items such as use of facilities and overall community maintenance.

10. Utilities- These costs vary from home to home so it’s always good to expect to see a difference in monthly bills. I can help answer questions on the average costs of utilities in the Lake Nacimiento area!

11. Ongoing maintenance- You may love the thought of a large backyard, but keeping in mind the cost of maintaining your yard or garden. If you are buying a home with a larger garden or yard than you’re used to, you may not have all of the tools such as a hedge trimmer or lawn mower to keep your Lake Nacimiento yard looking fresh. Also keep in mind any type of exterior or interior maintenance you noticed about your new home and factor in the additional costs.

12. Repairs- Covering all repairs tends to be one of the larger transitional points for those first time home owners. It’s wise to set aside a small amount each month to ensure that if additional repairs are required, the funds are already in place to cover the extra expense.

I hope that taking the time to review these costs have been beneficial to you as you consider your home purchase!  If you have further questions about the costs of living in Oak Shores or Heritage Ranch, or you’r ready to begin your Lake Nacimiento home search; contact me today!

Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty

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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.

Please let us know how we can help!