The seller might not budge; the buyer might walk away; a slew of offers and counter-offers leading to a collapse; or, after all is said and done, a contract gets signed. Sometimes that desired result comes after the seller lowers the price of the property.
Where some owners take the hit themselves, others benefit from sharing the responsibility with a homeowner's association (HOA). Yet this benefit, also, involves a recurring expenditure.
Even those who do not own a home are hip to the fact that buying a house costs more than the home values alone. Even a purchaser who pays all cash must compensate other parties to the transaction.
When most people think of fees and charges relative to a home sale, they are thinking of monies a buyer has to bring to closing. Title fees, lender fees, attorney bills and appraisal charges come to mind immediately.
Allowances are credits the seller advances to the purchaser that are applied against the sales price. This reduces what the buyer must pony up without changing the sales price.
Private mortgage insurance, or PMI, is in essence just like other forms of surety. The insurance company agrees to cover the risk to the lender if the borrower stops making monthly payments.
Meticulous planning of a home-building project is necessary. That, however, is not the end of the matter. Property owners have a larger stake than others in terms of how the construction plays out.
Many people spend years envisioning and imagining the ideal house. Only a fraction of those actually pursue that vision and make it happen. Why? Much goes into this kind of project: money, time, emotion etc.
Buying a house can be stressful enough. Buying land on which to build a house has its own many challenges. Yet these should not inhibit anyone who has the means to pursue a dream…and a little piece of earth to make it all happen.