Purchasing a Foreclosure in Murrieta? Make Sure Your Budget Includes These Expenses
Category: Real Estate Trends
Published: Friday, December 19, 2008
People don't plan to fail, they fail to plan. This saying is true in every faucet of life. Even when buying a home. If you are purchasing an REO in Murrieta be sure to read this article to get an accurate estimate of just how much home you can afford. This article discusses some of the oversights buyers forget to include in their monthly budget.
Homeowner's Insurance
You can not expect to purchase a home with out homeowner's insurance. Why do lenders require proof of homeowners insurance? Consider this, you purchase a home and it burns down before you pay it off. Without insurance you are still responsible for the homes balance even if the home is burned to the ground. Homeowners insurance offers protection against fire and theft.
Save your self money by shopping insurance providers Want to save even more on your homeowners insurance? Add your car to the insurance policy this typically provides a discount. Homeowners insurance generally starts around $100 per month. This is in addition to your monthly mortgage payment.
Property taxes
As a homeowner you are also responsible for paying property taxes. Property taxes pay for schools and municipalities like; the fire and police department. Taxes vary from city to city. Your taxes are determined by the home's assessed value. In addition you may also be responsible for county taxes. Check with the county assessor's office to be certain. Be sure to factor your taxes in your monthly budget as well.
Private mortgage insurance (PMI)
Many lenders will require a private mortgage insurance policy for buyers with less than 20% down. This insurance protects the lender in the event the loan goes into default. Typically PMI is the responsibility of the buyer and must also be included in the budget.
Homeowner's association fees
Your HOA fees pay for the overall maintenance of the community; they ensure that your property maintains its value. If you buy in a community that does not have a home owners association you need not worry about HOA fees. However if your community does have an association, you can expect to pay a monthly fee for the overall maintenance of the community.
Purchasing foreclosures in Murrieta is one of the smartest investments you can make. Making an educated purchase involves knowing all costs. Including the expenses above you can get an accurate estimate of just how much home you can afford.
If you are planning to purchase a home in the near future, or simply have a question contact Oak Tree Realty Group. Our agents have a wealth of information and are an excellent resource. We specialize in the sales of foreclosures, estates, equestrian and bank owned property in Murrieta throughout the Inland Empire. Take a moment to browse through the inventory then call 1-951-973-7177 to set up a showing.
The $8,000 first time homebuyer’s credit is set to expire in November and buyers are busy finding the best deals on Murrieta foreclosures and Temecula bank homes. The team at Oak Tree Realty Group Murrieta points to possible neighborhoods for great deals on affordable Murrieta bank homes.
Murrieta foreclosures led Southwest Riverside County home sales during the month of July according to market analyst MDA DataQuick. Nearly 1,000 homes changed hands last month and the experts at Oak Tree Realty Group Murrieta put the numbers in perspective.
Buyers of Temecula foreclosures may have less competition from first time homebuyers in the coming months, thanks to a plan by the City of Temecula to complete 110 half-finished condominiums and turn them into affordable housing apartments for rent. The team at Oak Tree Realty Group Murrieta offers insight into the plan.
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