When it comes to home buying fees, the down payment isn’t the only cash that you’ll need to pay up front and out of pocket. Whether you’re buying a NYC co-op, a condo, a brownstone, or a townhome, you’re going to be hit with fees that you’ll need to hand over before your dream home officially becomes yours. The following are just a few.

Inspection Fees

When it comes to buying a co-op in NYC, inspection fees have usually not been a part of the process. Issues that pop up in co-op buildings are usually covered by the building’s reserve funds, money that has been set aside for things like maintenance and repairs. Some buildings choose not to have reserve funds, in which case repairs will have to be made in the form of potentially massive assessments assigned to residents. If you’re moving into a building that doesn’t have a reserve fund, you’ll probably want an inspection done to make sure that the building — as well as the apartment you’re moving into — is in good shape. Home inspection fees from companies like Unity Home Inspectors in NYC range anywhere from $300 for a co-op or condo to $600 or more for a three-family house.

Closing Fees

If you’re paying for your home with a mortgage, you’re going to have to pay bank fees. You’ll have to pay a fee for the privilege of taking out the mortgage, an amount that usually ranges from the low to mid-hundreds. You’ll also need to pay an appraisal fee. The appraisal will help the lender determine the value of your apartment. Appraisal fees range from as little as a few hundred dollars to a few thousand dollars, depending on the size and cost of the property. You’ll also need an attorney at the closing, and that attorney is expecting to be paid as well, an amount that’s usually in the $2,000 range. Among other tasks, your attorney’s job is to make sure that you fully understand the contract that you’re signing and that there are no hidden surprises.

Title Fees

No doubt you’ve heard those horror stories where someone bought a home only to find out that someone else actually owned it or that there are tens of thousands of dollars worth of penalties or taxes due on the place. A title company will run a thorough search on the property to ensure that the title is free and clear. In order to protect yourself against future claims that might pop up out of nowhere, the title company will provide you with title insurance that will help ensure that no matter what, your ownership of the property cannot be challenged.

As you can see, various home buying fees can and will pop up during a home purchase — so be sure to have funds set aside beforehand.

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