Some of these additional tests include radon, methamphetamine, mold and termite detection tests.Īnother one-time cost in the home buying process is actually a bundle of service fees and charges that are required by your mortgage lender, county and other various entities. For further tests, you’ll have to pay extra, but can be helpful if you’re suspecting that the home has underlying problems. Home inspections in Utah will cost you around $200 to $400, and generally include plumbing, electrical, roofing and basement inspections. It’s your chance to find out the condition of the home before you occupy it, and can save you money in the long run if underlying problems are found (and can be mitigated or negotiated) before you occupy the property. While home inspections aren’t mandatory, they are highly recommended and are beneficial to you as the buyer. Costs to Expect When Buying a Home in UtahĪ one-time cost you’ll have to add to your expected home-buying budget is a home inspection. Financial advisors can also help with investing and financial planning - including retirement, taxes, insurance and more - to make sure you are preparing for the future. You can find out more on the Utah Insurance Department website.Ī financial advisor can help you understand how homeownership fits into your overall financial goals. In addition to monsoons, the state also experiences wildfires which can cause widespread evacuations and home damage. You have to purchase a separate policy, which you can find on through Utah insurance agencies selling National Flood Insurance Program policies. Unfortunately, most homeowners policies exclude flood damage coverage. Some areas in Utah experience a monsoon period during the summer and fall, which means seasonal flash flooding. However, you might still want to look into additional coverage for flood damage. Luckily, you won’t have to worry about hurricanes or coastal erosion in this landlocked state. The average homeowner pays just $1,382 per year in homeowners insurance, according to recent data from. Only Vermont, California and Hawaii have cheaper rates. It’s one of the five lowest in the nation in terms of average insurance premiums. Utah, just like with property taxes, is a relative bargain for property owners. In addition to the automatic 45% exemption, homeowners who are low income, disabled veterans, blind or active service members serving outside the state may qualify for further property tax exemptions.Īnother cost you’re responsible for is homeowners insurance. Within your county, there are different levels of government that also have the authority to level taxes, such as cities, school districts and water districts. This determines the market value of your home, which is what your tax rate is based on. You home is appraised by a county assessor at least every five years. Most property taxes in Utah are set at the county level. Homeowners are only taxed on 45% of their home’s assessed value as long as the property they claim is their primary residence. However, your primary residence must be in the state for you to access those low rates. The good news for homeowners is that Utah’s property taxes are among the lowest in the country, with an average effective property tax rate of just 0.52%. As long as you own the property, you’ll be responsible for those two recurring costs. Two costs you’ll want to factor into your budget (on top of your mortgage payment) are property taxes and homeowners insurance.
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