What does it cost to buy a home?
It is standard to for the seller to pay the agent fees. The major expense to a buyer would be the loan fees that include
the points and the various other fees charged by the lender. It is important to ask for an accounting of those fees when speaking with the lender. Other costs would include half of the escrow fee and the cost for the contractor’s physical inspection. You must arrange for and pay the first year’s fire insurance at close of escrow. Depending upon the time of year, property taxes may be added to the escrow account. There will always be costs associated with moving into a new home as you make it your own. I can recommend good, reasonable workmen.Is it possible to find an affordable house in Santa Barbara?
What is affordable for some won’t be for others. A creative lender may find a way to get you into a property. Other strategies would be to ask family members or others to join in ownership as “equity partners.” Complex but do-able. Sometimes you can bring “sweat equity” into a house and by adding your personal upgrades, you can turn a “fixer” into a lovely home.What should I know about a condo purchase?
Condominiums are simply an interest in real property (owning a part of real property rather than the whole.) The owner takes title to his or her own unit and is taxed separately. They also own an interest in the common area which may include a pool or spa, streets, pathways, etc. and the grounds themselves. Association dues may cover such things as insurance, water, trash removal, gardening, pool maintenance and if one gets very fancy, security guards, tennis courts, etc.A P.U.D. (planned unit development) is similar to a condo in that there is a common interest in the grounds and its amenities; however, the homes themselves are generally separate and their ownership is separate including the land under the home, a possible garage and patio.
A townhouse is simply a two-story unit and can also be a condominium.
Isn't it better to work with more than one agent?
I would give you a definitive no to that. I would urge you to align yourself with one agent who will continually be looking out for the appropriate properties for you. That agent will be assured that when you buy, he or she will get paid. If you are working with several agents you will be no ones priority client.Most agents will ask you to sign an exclusive buyer agreement in which you are obligated to work with that agent only. I do not ask that of my clients as I find that they stay with me because of my dedicated service and I don’t want to force someone to use my services.