At The Winfield Group, our goal is to make the home buying process as easy as possible. This begins with helping you find homes that are within your budget. We believe in being upfront with every aspect of this process, and that includes keeping you aware of other costs you may not know of ahead of time. What does it really cost to buy a home in Charlotte? We’re about to get into it.

Down Payment

The first fee you pay when you buy a home is your down payment. Traditionally, this is 20% of the price of the home, but you might qualify for a loan or state grant that requires less money upfront. We’ll help you find the best deal for this new purchase.

Closing Costs

These are fees you may not be thinking of when you first start the home buying process because they aren’t paid until the end of the real estate transaction. Closing costs run between 2% and 5% of the total purchase price and are paid to the lender and any third party involved in the sale.

These costs may also additional fees, including origination and appraisal fees, documentation fees, discount points, title searches and title insurance, credit report charges and deed recording fees, interim interest, homeowner’s insurance, and tax and insurance escrow.
When you start looking for mortgage loans, the lenders will outline these costs. By looking at more than one lender, you’ll be able to negotiate some of these costs and go with the least expensive lender. And remember, sometimes you can even get the home seller to pay some of these fees.

Other Costs When Buying a Home

When you buy a home in Charlotte, NC, you know you’ll be paying a down payment and closing cost, but what about after the purchase? Many homes in NC are part of Homeowners’ Associations and will be subject to annual membership costs for the entirety of your ownership. Additionally, your home will need regular maintenance so make sure to factor in costs like roof repairs, water damage, yard maintenance, and cleaning services. And finally, all homes are subject to property taxes that are due annually and are based on the value of your home. Sometimes these property taxes are included in your mortgage payment, and other times you’ll have to make these payments yourself.

Owning a home in Charlotte, NC is a rewarding experience filled with culture, community, and an easy, but hard working, lifestyle. We can help you find a home that is within your budget and fits your needs while helping you navigate the extra costs you will incur during your time as a homeowner.