Kamal Khetan Reveals Other Costs Linked With Buying a Home

Home purchasing can turn into a stressful as well as an exciting task, both at the same time. Usually buyers, especially the first timers, seem to forget the fact that the overall costs linked with the buying of a new home are much higher than the actual purchase price of the property. In order to make you aware of all these costs beforehand, the real estate advisors from the Kamal Khetan group has compiled below some of the other major costs that are usually associated with the purchase of a new home.

1    1.     Agent’s Commission

Both the real estate agents on the buyer’s as well as the seller’s side receive some percentage of the final sales price as commission. As a general rule of thumb, a typical commission expense can lie anywhere between three to six percent of the total selling price. However, these rates and percentages are always negotiable. The commission expense takes in to account both the seller’s realtor as well as the buyer’s realtor. This particular cost is generally supposed to be paid by the seller only. Therefore, you must always pick advisors from credible and reputed companies like the Kamal Khetan Group.

2    2.     Closing Costs

The closing costs usually cover all the liabilities such as the legal fees, utility adjustment costs and the property taxes. In addition to this, certain provinces also demand land transfer taxes.

3    3.     Legal Fees

This covers all the costs that you are supposed to pay to your associated lawyer, with respect to all sorts of legal transactions that may have been brought into action during the purchase of the house. Some of these prime legal transactions include the signing and preparing of the mortgage, conduction of property title search, review of the terms of the made offer, registration of the new title, determination of appropriate adjustment costs, obtaining relevant documentation and other conveyance charges.

4    4.     Mortgage Life Insurance

Many insurance companies provide special coverage for the cost at which your mortgage will be discharged under an event of severe illness or death. These days many lenders have started to provide for the mortgage insurance. However, the amount for the same is not fixed and directly depends on the condition and state of your mortgage.

5    5.     Service Charges

This section covers all the installation and other fee charges for hooking up basic utilities such as cable services, electricity, telephone and gas.  

Experts at Kamal Khetan Suggest Smarter Ways for Real Estate Purchasing

From homeowners to property investors, everyone is today horrified by the ongoing real estate traps which trick the buyers into buying unworthy properties at prices much higher than usual market value. Here are some of valuable and easy tips that would help you in making a smart real estate purchase. Some of these suggestions have been provided by expert advisors to the notable Kamal Khetan group.

1       Finalize a budget and stick to it

When it comes to dealings involving huge amounts of money such as the buying or selling of houses, you cannot afford to go ahead with your investment without deciding on a budget. Remember, real estate deals are never supposed to be spontaneous. You should always take in to account a number of considerations before sealing any such deal. The most important of these considerable parameters is the budget. Always decide on the amount of money you are planning to invest in the property on a prior basis. Once this has been done, you must stick to the decided budget at the time of the investment. Make a plan. You must never forget that apart from the monthly mortgage payments, you will also be carrying out the other monthly lifestyle costs. Therefore, you should try and set your budget keeping in view all such considerations. Many real estate firms such as the one led by Kamal Khetan help their clients in providing an unbiased suggestion on the complete investment plan.

2      Think Long-Term

Whenever you decide to invest in a particular real estate property, you must always first try to find out the purpose as well as the value of the property in a period of ten to fifteen years from now. Do not forget that investing in something as huge as a piece of real estate is a once in a lifetime task. Therefore, you must pick a property that provides you with as much value in fifteen years from now as it has today.

      Opt for a Support System

The home-buying procedure can be accelerated as well as made valuable if you have a professional real estate advisor by your side. An expert will not only be well versed with the latest market trends and ongoing property deals, but will also understand your personal as well as financial situation. In this manner, an advisor or expert will aid in providing you with the best possible property deal; thereby preventing you from any form of real estate traps.