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Looking for your dream home at Lake Oconee? Our website makes it easy to explore all available properties in the area. Whether you’re searching for a luxury lakefront estate, a golf course home, or a cozy retreat, you’ll find the latest listings right here.
With advanced search tools and local expertise, Kim and Lin Logan Real Estate gives you the advantage of finding the perfect property faster. Start browsing today and let our experienced team guide you every step of the way.
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Common Expenses to Expect When Buying a Home
What are some of the costs of buying a home? Let’s break down some of the most common costs you should expect in Eatonton and Putnam Counties, Georgia.Down Payment
The first and largest out-of-pocket expense for most people is the actual down payment. A down payment is money you pay to buy the home that comes from savings or another reserve. It’s not a part of your loan. Most of the time, conventional lenders expect 20% down, but there are numerous ways to reduce that amount including through FHA and VA loans (as well as other programs). You may also qualify for down payment assistance programs.- Help you avoid paying private mortgage insurance, which saves you money each month
- May help you to get a lower interest rate
- May help you to get a lower monthly payment
Closing Costs
Closing costs are a type of administrative fees that are paid during the closing of the loan. Some closing costs are paid by the seller, but most fall on the shoulders of the buyer. Closing costs may range from 3 to 5% of the home sale price. In some cases, you may be able to wrap them into your loan, but in others, you will need to pay them out of pocket.- Origination fees
- Appraisal costs
- Application fees
- Closing fees
- Credit reporting fees
- Discount points
- Flood certification
- Loan origination fees
Property Taxes
Property taxes can change year-to-year in Lake Oconee, but most property owners will need to pay them at the time of purchasing their home or within a short period after. You can get an estimate of the property taxes associated with the real estate you are buying directly from the real estate agent.Homeowners Insurance
Be sure to contact your insurance agent to learn what the cost of homeowners insurance will be. Most often, your mortgage lenders expect you to have enough insurance in place to cover the value of the home should a total loss occur. Your insurance agent can provide you with a specific quote based on the size, location, and other factors associated with the property.- If there are substantial concerns with major systems, the foundation, or the roof, discuss these with your agent and ask for concessions on the offer you put in or plan to pay for them.
- Consider updates that need to happen right away, such as carpet cleaning, painting, and any repairs to mechanical systems.
- Think about both inside and outside needs, as often there are repairs needed to landscaping and outdoor lighting.
- Plan to pay for new door locks added to the home.
- Consider long-term projects and the costs associated with them.
Are You Considering a Purchase?
If you are thinking about Lake Oconee real estate, you need a team you can rely on by your side to help you to plan for and manage the costs related to buying a new home. For help in Eatonton and Putnam Counties, Georgia, put our team to work for you. Contact Kim and Lin Logan Real Estate, the top-selling real estate team in Lake Oconee since 2008.