Buying a house is an exciting milestone. Beyond the purchase price, there are many additional costs and financial considerations when purchasing a home. If you’re getting ready to buy a new home, read on to learn about the hidden costs of buying a new home that you should be aware of.
Closing Costs
Closing costs are fees that are commonly associated with the finalization of the home you buy. They usually include appraisal fees, title search fees, attorney fees, lender fees, financing fees and more. When purchasing a new home many times seller assisted closing cost assistance comes into play. Ask the J. A. Myers new home sales consultant about the community specific closing cost incentive.
Financing Programs Related to Building a New Home
Purchasing a new home opens the opportunity to additional forms of financing that do not exist with and existing or resale home. You can utilize Construction permanent financing which can offer two distinct advantages. First, you may have the ability to lock your interest rate in for up to a year and avoid interest rate fluctuations. Secondly, under certain circumstances you can defer selling your existing home until your new home is nearly complete. This can avoid a double move. Ask a J. A. Myers Homes new home sales consultant for more details on this type of financing and its benefits.
Appraisal for the Property
Before you get a mortgage approved, lenders will usually require a property appraisal to justify the purchase price. Purchasing a new home in a community with strong sales activity generally assists in obtaining appraised values. This can be an advantage in buying a new home versus an existing one.
Area Taxes, Fees and Cost of Living
Many people consider moving to Pennsylvania for financial reasons. When determining if a move is a good decision, you’ll want to consider state income and sales taxes as well as property taxes and more. You’ll want to determine how retirement income, social security income, pension income, etc. are taxed comparing state to state. There are cost of living calculators available to assist you in determining how far your dollar goes from geographical location to location. It’s always recommended to consult your tax professional for explanations and details.
Give J.A. Myers Homes a call if you’re curious about hidden costs while buying new homes!
For Any Home Building Needs, Contact J.A. Myers Today!
J.A. Myers Homes stands as a beacon of innovation, commitment, and inspiration in the homebuilding industry. With move-in ready homes and a dedication to building your dream home in one of our communities or on your own land, we are prepared to help. We’re dedicated to serving customers in Hanover, Gettysburg, Stewartstown, Dover, York County, Adams County, and Carroll County! Visit our website, reach us at 1.800.368.9990, or check us out on Facebook, X (formerly Twitter), Instagram, Linkedin, Pinterest, YouTube, or Houzz!
