Manitowoc Homes Real Estate extra costs

“Buying a new home is costly! If your new to the home buying process, you need to read below. Find out how you can save you thousands of dollars and understand the home buying process before you buy."

1. Moving Costs

Moving companies can be expensive.

$90/hour for a van and 2 movers is average for Manitowoc County
Rates may raise during peak seasons, depending upon supply & demand
For long distance, beware of a per mile fuel surcharge

2. HOA's- Home Owners Assessment

Home owner's assessment fees can range depending on the community (if applicable). Condos typically charge monthly common area maintenance fees for cleaning pools, landscaping & snowplowing, exterior building up keep like siding,roofs, & downspouts.

3. Well and Water Inspection

Does the your new home have a well? If so, your lender may require a clean water inspection to protect yourself and the lenders risk. Water inspections are reasonable, typically around $200 is normal for Manitowoc County. Fixing a well that has poor or contaminated water quality is very expensive, buyer beware, get a clean water inspection done reagardless if the lender requires it.

4. Septic inspection

If you home is not hooked up to munical sewer, Lenders will want you to have an inspection done on the septic system or mound system to minimize your risk and theirs, since replacement is so costly. Keep in mind that pumping a septic tank costs money, typically around the $150 to $200 range in Manitowoc County.

5. City Improvements

Ask your local township or city hall if there are future plans for new sidewalks, streets, or sewer mains. Typically the home owner is responsible for these assessments. Even though they can be made in payments, these assessments can cost thousands of dollars, and are non negotiable.

6. Appraisal Fee

Appraisals are ordered by the bank so the bank can make sure they are lending on a property that has enough money down and other criteria is met. Guess what? The bank passes the $400 fee onto the buyer.

7. Survey Fee

Survey's are a wise desicion when you are in question of the property line. Do not ever mistake telephone polls, trees, or sidewalk markings as law. The only proof you have of a property line is to hire a certified Wisconsin Surveyor. Prices vary however the normal seems to be $400 and up.

8. Home Owners Insurance

Your local insurance agency can give you the best rates if you can get multiple discounts. Typically rates are going for $600 annually for $200,000 worth of replacement value. Lenders require home owners insurance to protect their risk & yours. Its a smart idea to add on the extras offered by your agent, so you are well covered to protect your asset.

9. Setup Fees (movers tax)

Internet connections, cable hookups, telephone hookups are all setup fees that you may incur after closing.

10. PMI - Private Mortgage Insurance

PMI is required when a borrower does not put down 20% of the homes value or mortgage amount. PMI typically costs $45/monthly on a $95,000 mortgage. This is escrowed into your monthly loan payment amount.

11. Property Taxes

Are you going to have your Property Taxes escrowed into your mortgage payment? Or are you going to pay them quarterly out of pocket, semi-annually, or annually? If your property taxes are not added to your monthly payments, you may be surprised when the bill comes towards the end of the year! No payment results in interest accued, and ultimately the government may cease the property.

12. Legal Fees

Wisconsin Realtors are allowed to draft on state approved forms. In case an issue needs to be resolved such as an easement or encumberance to the property, a real estate attorney needs to draft the necessary documentation, since that is legally out of the Realtors scope.

13. Mortgage Brokers Fee

Mortgage Brokers are generally great to work with, since they are on commission only. They don't get paid unless the loan closes, which is great for the buyer. The mortgage broker will work fast ensuring all i's and t's are cross, and that closing happens on time. Mortgages Brokers may sometimes try to charge the buyer a fee, however, in Manitowoc County it is the norm for Mortgage Brokers to provide there service for free to the buyer and have the Lender pay the fee.

14. Recoding Fees

The attorney or title company that closes the transaction usually takes care of the recording at the courthouse for a fee of $13

15. Impact Fees

This is a fee in addition to a building permit for new construction. The fees can vary widely but typically are $300 and up. Impact fees go to the township for parks, ect.

16. Buyer Broker Fees

Most buyers prefer the agent they are working with "represent them". Some brokers or agents charge a buyer broker fee in addition to seller compensation, some agents are worth it, while others are not. Brokerages may even charge a fee of $400 to view properties and credit the money back at closing; not a bad idea for both parties.

17. Save for Repairs

Home buyers should save 1% annually of their homes value for future maintenance & repairs.

18. Home Inspection

Worthington Realty recommends Pro-View Home Inspections services. Prices general range from $250 and up depending on the size of the home, the number a appliances, the number is living units and play a role in the price. Pro-View Home Inspections will take digital photos of defects and include them with the home buyers detailed explanation.

Contact Worthington Realty

* Indicates a Required Field.

Find Your Next Home Using Our Real Estate Map Search

My Account

Recent Blog Posts

We're always on the lookout for talented real estate agents to join our growing team.