The Lawhead Team would like to share the latest One Cool Thing about budgeting for homeownership costs not everybody things about:

Although most home buyers know they’ll need to pay for various fees and services, some of which will be included in closing costs, some buyers may overlook the smaller fees that get mixed into the home purchase. Here are some of the lesser-known fees to homeownership that buyers should be budgeting for, including;

• Home inspection costs anywhere from $300-$500.
• Make sure you are budgeting for the appraisal fee which can range from $200-$475.
• Survey report averages $150-$400.
• Title services are $150-$400 so make sure to think about that cost also.
• Application fees are anywhere from $75-$300.

Source: HouseLogic.com

The Lawhead Team would like to share the latest “One Cool Thing” about California renters and their dream of making homeownership happen.

Despite affordability challenges, California renters continue to hold homeownership in high regard and aspire to purchase a home eventually.

Advantages of homeownership, according to renters:

• 21%: provides a good long term investment
• 19%: gives them the freedom to do what they want with their home
• 12%: allows stability to plant roots

What’s hindering renters from homeownership:

• Only 40% of renters are familiar with the credit and loan criteria needed to purchase a home.
• 14% of renters are under the impression that more than 50% down payment is needed to purchase a home.
• Nearly 40% of California renters believe that more than 20% is required to become a homeowner.

These misconceptions result in many renters delaying their home purchase or possibly giving up on the dream of homeownership. If you’re a renter, talk to your REALTOR to find out how you can become a homeowner.

Source: CAR 2018 State of the California Consumer Survey