Costs Can Play Peek-a-boo with First Costa Mesa House Buyers
When a real estate novice makes an initial foray into the world of buying their first Costa Mesa house, the first task is pinpointing how much they can afford. First-time buyers are especially prone to one beginner’s mistake: it’s easy to overlook the bagful of ancillary costs that are part of any home purchase. These peripheral charges carry percentages that may look minor—but taken together, are anything but.
Whether you call them “closing costs” or “settlement fees,” including them in preliminary budgeting is mandatory. That’s why government-sponsored Freddie Mac makes the list of included elements part of its “Understanding Costs” web educational site. Nine are named—and although they include some that apply only when outside financing is relevant (and all are not usually part of any single purchase), it’s useful to become familiar with what they entail:
- Government recording costs
- Appraisal fees
- Credit report fees
- Lender origination fees
- Title services
- Tax service fees
- Survey fees
- Attorney fees
- Underwriting fees
Since Freddie puts their cost as “between 2% and 5% of your purchase price,” including them in first back-of-the-envelope budget estimates is a fundamental part of identifying which properties you will be able to afford. Freddie’s 2%-5% range leaves a lot of leeway—but don’t worry. I can help you nail down a tighter estimate for which of those costs are likely to apply in buying your first Costa Mesa house.
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We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com
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