The Costs of Buying

When buying a home, it is important to know that there are costs to do so. Here is a list of the most common expenses when purchasing a home in the Greater Omaha area real estate market.

Earnest Money $0‐$Unlimited – Due upon offer acceptance This is up to you! When you put an offer on a home, earnest money shows how invested you are in purchasing a home. Although it is not required, do know that it shows the seller you want to buy.

Home Inspection $250 ‐ $600 – Due upon inspection This is up to you! I always recommend having a home inspection done on the home. You can choose a home inspector or your knowledgeable family or friend. You can also choose to have an electrician, plumber, roofer, or licensed contractor walk through for an inspection or bid. If you have concerns regarding lead base paint or mold, there are contractors for that, too!

Well Water Test or Septic Inspection $50 ‐ $1,000 – Due upon inspection To have well water tested or a septic system time‐of‐transfer inspection completed, there are many variables. Consult your agent on options and contractors.

Wood Infestation Inspection $85 ‐ $125 – Due upon closing Lenders want to know if a home has damaged wood in the home or on the property. Once inspected, a report is produced with the findings and submitted to your agent. If treatment is necessary, terms are negotiated with the seller and treatment could be $50‐$1400 or more.

Radon Test $55 ‐ $150 – Due upon inspection or closing This is up to you! Radon is an invisible, odorless gas emitted from the decay of minerals in the soil. Since our market area has higher levels, I recommend a test be completed. A meter is set in the home for 48‐72 hours and the test report is submitted to your agent. If mitigation is necessary due to higher than recommended levels, terms can be negotiated with the seller to install a radon removal system in the house. System installations range from $800‐$1400 or more.

Home Warranty Plan $400 ‐ $1,000 – Due upon closing This is up to you! Home warranty plans cover certain systems in the home. You can buy a yearly plan or ask the seller to pay for it. There are many details regarding plans and options so ask your agent!

Escrow Fee $250 ‐ $400 – Due upon closing A third‐party escrow (AKA closing company) is hired on your behalf to check county records for liens against the property, pay them off and they draw up important documents such as the deed.

Homeowner’s Insurance $1,000 ‐ $Unlimited – Due upon Closing When borrowing money, you are required to have the property insured. Prices range depending on coverage options. Usually this annual fee is collected at closing and put into an escrow account and paid on your behalf automatically.

Recording Fee $50‐$150 – Due upon closing This fee is a requirement from the county you are purchasing a home in. This covers the fees to record documents at the local courthouse.

Title Insurance $200 ‐ $1,000 – Due upon closing This fee is usually a requirement and pays for insurance on the property’s title (ownership). It safeguards against liens, clouds and encumbrances on the property’s title. The cost is usually shared 50/50 with the seller.

Buyer's Agent Commission

$ – Due upon closing

Buyer's agents receive compensation for helping clients throughout the home buying process. This may be paid by the buyer or seller depending on the contract negotiations.

There may be additional inspections, information, fees and terms for buying a property. Always ask your agent for details.