How much does it cost to buy a house in Oregon?

Dated: May 21 2021

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Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will be other costs in addition to the down payment and the purchase price of the home. Here are 5 fees to keep in mind as you begin to budget.

  1. Home inspection - Unless you have a background in construction, a home inspection is a really important step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. I usually recommend a general inspection, sewer scope, and radon test. Typically, a home inspector will charge a flat fee and then prices go up depending on square footage. For all 3 of the inspections I mentioned, you can expect to pay about $500-$1,000.

  2. Title services - Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home. You can use this link for a closing cost calculator to estimate how much those fees will be. Different counties will have different fees.

  3. Appraisal fee - Before getting a loan, you will likely be required to get an appraisal of the home. The appraiser is looking for health and safety issues as well as the estimated value of the home. Your lender will set this up.This will be conducted by a third-party company and the cost again is usually between $500 and $1,000, depending on the size of the home.

  4. HOA fees - Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to common areas like pools, and parks. Depending on the HOA, they may also cover some utilities like water, sewer, and garbage. HOA fees can vary widely, depending on the community and will be shown on the listing. This will impact your monthly payments and sometimes will make a property unaffordable if you’re looking at homes near the top of your budget. Your lender will want to know what the HOA dues are when writing your pre-approval letter.

  5. Property taxes - The taxes each buyer pays at the closing table differ, depending on the home you choose. They will be pro-rated depending on the closing date and where you are in the tax year. This money is due at the time of closing and is held in an escrow account so that you have it when it’s time to pay taxes. You can find the taxes for a home in the listing.

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Chrissy Hanson

So here I am, at Weichert, Realtors on Main Street. I’m here to help you navigate this market whether you’re looking east of Portland or west, looking to buy and sell rental properties or your nex....

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