Unexpected costs ideas

2 Replies

In the process of buying a multi unit home. What are some unexpected costs I should put aside when closing? I know there is the appraisal fee which runs for about 700 but any others besides closings costs, reserves and appraisal? And about how much each?

@Dominique Long How many units and where at? And what type of loan? 

Typical costs from contract to close would be 

  • Inspection
  • Appraisal
  • Insurance
  • Attorney Fees
  • Lender Deposits
  • Utility Deposits
  • Contractor Bids in some cases

  • You can generally calculate closing costs as a percentage of the sale price when you settle up on the deal...and this is all relative to where you are, lender requirements, etc...you may have pre-paids or mortgage insurance....property taxes, etc, etc. 
  • And thinking of CapEx up front is a good idea...though it's not an expense, it's an investment that is depreciated as useful life declines.