So, you are charmed by the Victorian Hamlet of Breckenridge and want to buy a home here for your family. Why not, the snow is awesome and there is no better place to spend Christmas than Breckenridge. But before you look for your new home for the holidays, let’s consider what your costs of closing will be.
If you are going to have a loan on your new mountain home, the lender is going to require the following to insure that the property is of sufficient value to support the loan:
1. Appraisal: This assures the mortgage company that the home is worth at least what you are paying for it. It also allows you to be confident that you are not overpaying. An appraisal is completed by an independent third party and the fee is about $400-$500.
2. Home Inspection: A home inspection runs about $400 and is a good idea, even if the mortgage company does not require it. It is a small investment to find out what problems exist with the home, before you purchase, so you can negotiate the repairs before the closing.
3. Survey: A single family home loan will most likely require a survey to verify property boundaries and potential easements.
4. Title Search and Insurance: These basically insure that you are buying from the legal owner and that their are no unforeseen liens against the property.
For more information about the closing process and Breckenridge Real Estate, contact Brenda DePalma at Summit Mountain Home by calling 970-406-1385 or click here.
