Out of Pocket Costs of Buying a Home

Buy a home Live.Laugh. Real Estate February 15, 2024

We are a full-service brokerage with education at the root of everything we do. We want to empower you to make your real estate goals a reality and our Live.Laugh. Real Estate Agents will help guide you through the entire home-buying process. This includes preparing you for any potential out-of-pocket costs when it comes to buying a home. Remember, these costs vary depending on location, the price of the home, and your financing options. To get you started, here are some of the most common out-of-pocket costs associated with buying a house:
 
Down payment: This is the amount of money you pay upfront to secure the purchase of the home. The down payment is typically a percentage of the purchase price, ranging from 3% to 20%. There are even some 0% down options out there, and sometimes people put down over 20%. Either way - the options are endless and we are going to empower you with the right questions so you can secure the loan best for you!
 
Home inspection: You'll want to have a professional home inspector look at the property to identify any potential problems, issues that may not be apparent to the naked eye, and general operations info on your home - providing you with a custom users manual for your new home! The cost of a home inspection can vary but typically ranges from a few hundred to a thousand dollars.
 
Closing costs: These are fees associated with the purchase of the home, such as loan origination fees, appraisal fees, title search fees, property taxes, insurance premiums, etc. Closing costs can add up to several thousand dollars, so it's important to factor them into your budget. The lender you choose will provide you with the specific number for you, and the breakdown of the fees.
 
Moving expenses: When purchasing a home, we encourage you to consider your costs of moving, such as the cost of hiring a moving company or renting a truck. You can find more details and recommendations when it comes to moving here

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