Buying a townhouse (second home) what are the buyer's costs....

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Ykcor
Posts: 254
Joined: Mon Nov 26, 2018 7:42 am

Buying a townhouse (second home) what are the buyer's costs....

Post by Ykcor »

....other than the purchase price. Which costs are negotiable? Doubt would be any advantage to a purely cash purchase with interest still very low.It has been 20+ years since I purchased a house.
tibbitts
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Joined: Tue Feb 27, 2007 6:50 pm

Re: Buying a townhouse (second home) what are the buyer's costs....

Post by tibbitts »

Ykcor wrote: Mon Apr 12, 2021 7:41 am ....other than the purchase price. Which costs are negotiable? Doubt would be any advantage to a purely cash purchase with interest still very low.It has been 20+ years since I purchased a house.
There's an advantage to cash purchasing if you're going to keep the mortgage balance in something that's even close to being immune from losing value over the term of the mortgage. I guess you could negotiate with your home inspector or attorney, but I don't think you'll get far with title insurance for example. For taxes remember you won't get any homestead exemption, if that's a factor in your area. Some people seem to forget that if they buy a second home from someone for whom it had been a primary residence.
OnceARunner
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Joined: Wed Apr 23, 2014 1:50 pm

Re: Buying a townhouse (second home) what are the buyer's costs....

Post by OnceARunner »

In my area the buyer is usually responsible for:

Purchase Price
Any costs for inspections you wish to purchase
pro-rated HOA fees and property taxes
Appraisal fee (if getting a mortage)

Closing costs such as
Title insurance
transfer taxes and recording fees
any other costs associated with the mortgage (if getting one)


You can negotiate for the seller's to pay part of the closing costs typically if they market isn't too hot.
Topic Author
Ykcor
Posts: 254
Joined: Mon Nov 26, 2018 7:42 am

Re: Buying a townhouse (second home) what are the buyer's costs....

Post by Ykcor »

Does it make sense to "buy" points on the mortgage? Is Lending Tree a reasonable place to start with finding a mortgage loan?
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