Expenses to Expect When Purchasing Your Home or Condo 

We’ve broken down Basic Real Estate Terms and Finding a Good Agent. And explored such topics as Understanding Temporary Rate Buydowns and Home Loan Basics.  

What else should you know about the home-buying process?  

Having a grasp on the expenses to expect when purchasing your home will help you feel confident and make the entire process easier. Don’t panic, we’ve made it easy to understand:  

Lending Related Fees 

Lenders are deeply involved in the home buying process, can charge application fee, credit report fee, and other possible fees such as an inspection cost for the property they are helping you invest in.  

Closing Costs 

(An escrow holder handles the transactions, until all stipulations surrounding the escrow are met. Once all parties have met the conditions, the escrow is officially “closed”. 


Image source: http://partnersmortgage.com/more-than-half-of-all-buyers-are-surprised-by-closing-costs/

Image source: http://partnersmortgage.com/more-than-half-of-all-buyers-are-surprised-by-closing-costs/ 

Moving Costs 

It may seem obvious, but don’t forget to calculate moving costs when budgeting for your home purchase! Stay tuned next month for some of our best Moving Tips.  

Home Owner Association Fees 

HOAs provide services, social activities and amenities to residents. They typically run from $200-$500, however it greatly depends on the area. There is often a Homeowners association transfer fee as well.  

(This includes condominiums, which may refer to a “building fee” instead.)  


Image source: https://www.quickenloans.com/learn/condo-fees-vs-hoa 

Home Owner’s Insurance  

While peace of mind is priceless, homeowners' insurance costs an average of $1,820 a year, or about $152 a month, according to NerdWallet’s analysis. Hawaii’s monthly average is $41 and absolutely worth it. 

All mortgage lenders will require you to have homeowners insurance (including your condo). Additionally,  you may be required to have, or should consider, flood Insurance for your home, or the interior of your condo unitFor more information on flood insurance https://www.fema.gov/flood-insurance. 


More Resources:  

Costs of Buying a Home: What You Need To Know 

If you're interested in buying or selling a home and would like to work with someone who knows the ins and outs of Maui Real Estate, reach out to one of our experienced Realtors by calling 808.879.3402, or you can reach one of us directly from our website at www.bellorealty.com. Mahalo for choosing us!



Posted by Kaitlen Conney on


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