Buying a house costs..... - The Horse Forum
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post #1 of 3 Old 03-09-2009, 03:30 PM Thread Starter
Join Date: Jun 2008
Location: Minnesota, USA
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Buying a house costs.....

So my boyfriend is seriously considering buying a house. Neither of us qualified for renters credit this year so by us renting our money isnt going into an investment anywhere. Since we aren't married and there isnt any plans in the making we will not be buying the house together but rather my BF would find a house in his price range (basically afford everything himself) and then I would simply "rent" from him... help with payments, utilities, etc...

It is a good time to since our lease is simply month to month with a 2 month move out notice.

What are the costs of everything with buying a home? This is what we know so far but doing research to learn more. he has already been pre-qualified also and is the "handyman" type along with having uncles that would live nearby who are in the construction buisness for repairs.

-the cost of the house
-interest rate for mortage
-mortage insurance
-homeowners insurance
-closing costs
-yearly taxes
-fix-up costs (if needed)
- pre purchase inspection

non house
-moving costs
-may have to take a day off of work
-beer and food for the movers (
-would have to buy a lawn mower

We are going to be looking at places this week to see what is even out there for the money. A lot of bank owned homes thats for sure. Is there anything else we are not thinking of?

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post #2 of 3 Old 03-09-2009, 09:57 PM
Join Date: Aug 2008
Location: Illinois
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Get pre-approved for a mortgage before you look at houses. You need to know what you'll qualify for. They can also give you an idea of how much you'll need at closing. Many people won't even show houses if you've not been pre-approved for a mortgage.

House inspection: $200-$300
Radon testing: $125-$175
Septic/well testing: $150-$225
Termite inspection: $35-$75
Lawyer: $100-$500
Escrow: ~$2000 (payment made when you make your offer)

You'll need a down payment. If your down payment is high enough you won't need mortgage insurance. Loan costs can include things like the appraisal, application fee, origination fee, etc.

I've heard that's it's less expensive to have a term life insurance policy than it is to have mortgage insurance. You'd want to know if your bank will escrow the taxes and pay them for you or if you have to pay them yourself. If your bank pays them (would add that to your monthly payment) you want to make sure they're actually being paid.

You should have several month's payments in the bank for use in case of an emergency. You should have savings that you can use to pay for any needed repairs.

Home ownership can be exciting and scary. It's a buyer's market most places so is a very good time to buy. Oh, we have a nice house for sale in IL!

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post #3 of 3 Old 03-10-2009, 07:21 AM Thread Starter
Join Date: Jun 2008
Location: Minnesota, USA
Posts: 2,034
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Thanks Joshie!!!

My BF has been working with a bank and a realitor... and has money for a down payment, but depending on the house may still need to have the mortage insurance. We are running into a lot of the bank owned homes having mold... which can be dealt with properly but can be very spendy also. It may be a fun summer of looking at houses.

I mapquested IL and I think it may be a little much of a drive for me to go to work :) LOL

Thanks Again

It's not the will to win, but the will to prepare to win that makes the difference.
- Paul "Bear" Bryant (Former college football coach)
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