- Inspection - You'll probably need about $300 to get an inspection on any property you make an offer on. If you seriously look at more than one home, make sure you've got enough to cover multiple inspections.
- Earnest Money - This is money that you pay to show a seller that you are really interested in buying their home. Usually you'll want at least $1,000. This usually goes toward buying the home, but you'll need to have it on hand.
- Appraisal fee - You'll need to have the home professionally appraised. This is also about $300.
- Closing Costs - This may be anywhere from $3,000 to $6,000. Good news though, sellers may be willing to pay this, or you can cover it with your loan.
- Moving costs - There's absolutely no way for me to estimate this for you, but with moving trucks, etc. you may want about $500 to $1000.
This is how much money it will cost you to get through the home buying process, so make sure you're saving up for it. And if your seller does cover closing costs, then you'll have a bit of extra cash on hand. It's a win-win.
Other possible costs to think about. I can't estimate these because they'll be different for everyone:
- Furniture (need a new couch anyone?)
- Appliances (The fridge isn't included?)
- Repairs - just in case the house isn't completely ready to move into.
Do you know of any costs I'm missing? Share them below. Otherwise, share this post with anyone that may be thinking of buying a home.
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