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13 Hidden Costs When Buying a Home in Arizona

13 Extra Costs Before Buying a Home

Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared. Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however it's better to know about them ahead of time so you can budget properly. Remember, buying a home is a major milestone. Whether it's your first, second or tenth home, there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home.


“The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home.”


Read through the following checklist to make sure you're budgeting properly for your next move.

  1. Appraisal Fee Your lending institution may request an appraisal of the property which would be your responsibility to pay for. Appraisals can vary in price from approximately $175 - $300.
  2. Property Taxes Depending on your downpayment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.
  3. Survey Fee When the home you purchase is a resale (vs a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $700- $1,000.
  4. Property Insurance Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.
  5. Service Charges Any new utility that services your hook up, such as telephone or cable, may require an installation fee.
  6. Legal Fees Even the simplest of home purchases should have a lawyer involved to review all paperwork. Shop around, as rates vary greatly depending on the complexity of the issues and the experience of the lawyer.
  7. Mortgage Loan Insurance Fee Depending upon the equity in your home, some mortgages require mortgage loan insurance. This type of insurance will cost you between 0.5% - 3.5% of the total amount of the mortgage. Usually payments are made monthly in addition to your mortgage and tax payment.
  8. Mortgage Brokers Fee A mortgage broker is entitled to charge you a fee in order to source a lender and organize the financing. However, it pays to shop around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost.
  9. Moving Costs The cost for a professional mover can cost you in the range of:
    • $50-$100/hour for a van and 3 movers, and
    • 10-20% higher during peak demand seasons.
  10. Maintenance Fees Condos charge monthly fees for common area maintenance such as groundskeeping and carpet cleaning in hallways. Costs will vary depending on the building.
  11. Water Quality and Quality Certification If the home you purchased is serviced by a well, you should consider having your water checked by your local experts. Depending upon where you live, determines whether or not a fee is charged, to certify the quantity and quality of the water.
  12. Local Improvements If the town you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property’s taxes by thousands of dollars.
  13. Land Transfer Tax This tax is applied whenever property changes hands and the amount that is applied can vary

$560,000
3 Beds 4 Baths 7079371 MLS 2,507 SqFt.
Welcome to your Exclusive Luxury Gated Community! As you enter the large wooden doors you are greeted with a beautiful vaulted entry way with a large chandelier and beautiful great stone flooring. On the 1st floor you will find a powder room, along with the large living room, gas fireplace, and plantation shutters throughout. This opens into a dining area, a fantastic kitchen with all modern appliances, as well as a large laundry room. Going up the staircase you will find the split floor plan and upgraded carpet. The large master bedroom has a patio, split master bathroom with a walk in shower, full tub, along with cabinet space and a walk in closet on one side. Down the hall on the opposite side, you will find two great sized bedrooms each with full sized bathrooms and walk in clos Welcome to your Exclusive Luxury Gated Community! As you enter the large wooden doors you are greeted with a beautiful vaulted entry way with a large chandelier and beautiful great stone flooring. On the 1st floor you will find a powder room, along with the large living room, gas fireplace, and plantation shutters throughout. This opens into a dining area, a fantastic kitchen with all modern appliances, as well as a large laundry room. Going up the staircase you will find the split floor plan and upgraded carpet. The large master bedroom has a patio, split master bathroom with a walk in shower, full tub, along with cabinet space and a walk in closet on one side. Down the hall on the opposite side, you will find two great sized bedrooms each with full sized bathrooms and walk in closets. The location has many activities around including easy freeway access, shopping at the Biltmore Fashion park only 3 miles away, and outdoor adventures at Steele Indian School park being only 2 miles away. Don't miss this amazing property and come take a look!

111 W Missouri Avenue Unit H, Phoenix

$1,649,000
4 Beds 4 Baths 7079322 MLS 2,897 SqFt.
There are homes with beautiful views... and then there are homes where the view becomes part of the way you live. Set along the 18th hole of Seville Golf & Country Club, this exceptional single-story estate captures sweeping views of the San Tan Mountains, while thoughtfully designed custom fencing creates a remarkable sense of privacy. Outside, the home unfolds into a true private resort. A custom PebbleTec pool features a dedicated lap lane and ozone cleaning system, surrounded by beautiful landscaping and blue-ribbon rose bushes throughout the front and backyard. Raised fruit-tree gardens line both sides of the property, adding another unexpected touch to this incredible setting. The outdoor living spaces were designed to be enjoyed year-round, with an expansive covered patio, built-in barbecue, firepit and hot tub. Electric roll-down privacy screens allow the patio to transform at the touch of a button, creating an intimate extension of the home while still preserving those spectacular golf course and mountain views. Inside, every detail feels intentional. The kitchen anchors the main living space with an oversized center island and top-of-the-line commercial-grade appliances, while custom built-ins throughout the home add both beauty and function. The primary suite is its own private retreat, with separate his-and-hers walk-in closets and two massive collapsing walls of glass that open directly to the resort-style backyard. The primary bath continues the experience with an oversized walk-in shower, while a completely step-free design throughout the home creates effortless single-level living. And then there's the floorplan. Designed to accommodate the way families live today, a unique Next Gen living space creates an entirely separate experience for extended family, adult children or long-term guests, with additional bedrooms, its own living room and a private entrance. And every bedroom in the home is en suite, giving everyone their own private space. Even the garage was thoughtfully finished, with immaculate interiors, extensive built-in cabinetry, a three-car configuration and the rare advantage of two separate driveways, an unusual feature within this community. But perhaps what makes this property most special is everything that surrounds it. Legacy at Seville is one of Seville's most sought-after gated neighborhoods. Arriving home means passing the lake and Seville's iconic island 17th hole before entering this private enclave. Residents of Legacy also enjoy private pedestrian and golf-cart gate access directly to the amenities of Seville Golf & Country Club, putting the country-club lifestyle just moments from the front door. Golf. Dining. Fitness. Pools. Racquet sports. Social events. And a community that has become one of Gilbert's most distinctive places to call home. This isn't simply a beautiful home overlooking the 18th hole. It's single-story luxury, multigenerational living, privacy, mountain views and the Seville country-club lifestyle, all coming together in one extraordinary property.

6684 S San Pablo Avenue, Gilbert

$565,000
3 Beds 3 Baths 7079254 MLS 2,407 SqFt.
WELCOME to this inviting single-story home, ideally situated on a quiet cul-de-sac lot, offering 3 bedrooms + a flex room, 2.5 baths, a 2-car garage + an RV garage w/AC! Impressive curb appeal begins with a paver driveway and stacked-stone architectural details. Step inside to a bright, open floor plan where the living and dining areas flow seamlessly into the Gourmet Kitchen, creating an ideal setting for everyday living and entertaining. Beautifully upgraded, the kitchen features custom Granite countertops, a double oven upgrade, induction electric cooktop, stainless steel appliances, a pantry, and a spacious center island with plenty of room for seating. The generously sized primary suite offers a private retreat with an ensuite bath featuring a dual-sink vanity. The versatile flex... room is perfect for a home office, hobby room, or additional living space, while the dedicated laundry room with built-in cabinetry provides valuable storage. Appreciate new carpet and an energy-conscious upgrade includes an impressive 11kW solar system providing enhanced energy efficiency. Step outside to enjoy the GORGEOUS backyard oasis! A stunning pool with waterfall, large built-in outdoor kitchen with BBQ, storage shed with electricity, covered patio, and low-maintenance landscaping come together within the fully fenced backyard to create an incredible setting for relaxing and entertaining. With its exceptional garage space, upgraded gourmet kitchen, impressive energy features, and resort-inspired backyard, this home truly has it all. WELCOME HOME!

24112 N Corn Circle, Florence

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