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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Incidental costs when buying a home?
When you purchased your home, aside from the downpayment of course, what costs were involved and how much did they total? TIA!
Also, tell me about the mansion tax in LI?
Message edited 8/1/2010 11:17:48 PM.
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Posted 8/1/10 11:06 PM  |
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Prudential Douglas Elliman Real Estate
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Incidental costs when buying a home?
are you asking about closing costs? ours was about 12k
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| Posted 8/1/10 11:10 PM |
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JohnGardner
LIF Infant
Member since 7/10 54 total posts
Name:
John
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Re: Incidental costs when buying a home?
Basically, the mansion tax is 1% of the cost of the home over $1,000,000. Anything up to $999,999. does not apply. That said you MUST consult a real estate attorney about this when the time comes. There are many aspects to this tax. Even if the house costs $999,000 there may be other factors in the closing (transfer tax, etc.) that can bring the cost of the purchase up and make it so you qualify for the mansion tax. Make sure to ask an expert-there's just too much money involved...
Closing costs vary on the time of year you close, the amount of the property tax on the property, how much your attorney is charging you and even how much oil is in the heating oil tank. A good mortgage rep. will be able to give you an ESTIMATE of your costs for the mortgage, and can probably help give you a good idea of the other costs you'll incur as well.
All the best.
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| Posted 8/2/10 10:22 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Incidental costs when buying a home?
I believe closing costs can be between 3-5% of the cost of the home.
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| Posted 8/2/10 10:30 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Incidental costs when buying a home?
lawyer fee ~1000
oil in tank <500
taxes prepaid by seller < half the total year's tax
first mortgage payment
inspection ~300-500
any points that you buy to lower interest
mortgage tax - I think this was 1% of the mortgage?
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| Posted 8/2/10 10:43 AM |
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Waste06
Waste not, want not
Member since 6/06 7219 total posts
Name:
Lois Mom Mommy Mama Ma
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Re: Incidental costs when buying a home?
Posted by Erica
lawyer fee ~1000
oil in tank <500
taxes prepaid by seller < half the total year's tax
first mortgage payment
inspection ~300-500
any points that you buy to lower interest
mortgage tax - I think this was 1% of the mortgage?
All of these, plus we also had to pay one full year's worth of home owners insurance up front.
Message edited 8/2/2010 11:43:49 AM.
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| Posted 8/2/10 11:43 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Incidental costs when buying a home?
Posted by StayForever
Posted by Erica
lawyer fee ~1000
oil in tank <500
taxes prepaid by seller < half the total year's tax
first mortgage payment
inspection ~300-500
any points that you buy to lower interest
mortgage tax - I think this was 1% of the mortgage?
All of these, plus we also had to pay one full year's worth of home owners insurance up front.
Yes, you NEED to have this before you close!!
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| Posted 8/2/10 12:06 PM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: Incidental costs when buying a home?
when you pay the homeowners insurance for the first year up front does that stay in escrow or do you then not pay that till the next year
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| Posted 8/2/10 2:03 PM |
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JohnGardner
LIF Infant
Member since 7/10 54 total posts
Name:
John
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Re: Incidental costs when buying a home?
It's not put into escrow. The payment is for your first year-the mortgage company just wants to make sure your insurance is paid up front.
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| Posted 8/3/10 9:02 AM |
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