- Closing Costs
- Typical closing costs are between 1% to 3% of the purchase price, so count on having that saved aside along with your down payment.
- Repairs & Updates
- No home is perfect and as a buyer, you will want to make additions or repairs to make the property feel like home to you. Please anticipate unexpected projects and/or repairs.
- Moving
- Do not forget to factor in a moving budget. The odds and ends such as boxes, bubble wrap, and deposits for utilities can add up quickly.
- Homeowner’s Insurance
- The average cost of homeowner’s insurance across the US is $1,312 a year, which is roughly around $109 a month.
- Home Inspections and other Specialized Inspections
- Once you open escrow as the buyer, I HIGHLY recommend that you order a home inspection. A home inspector will perform a general inspection of the property and tell you what areas require immediate repairs, so that you can order more specialized inspections such as a chimney, mold, electrical, plumbing, sewer line, roof, or foundation reports, just to name a few. A home inspection report can cost anywhere between $250 to $600, but this is not including the costs of more specialized inspections needed. Each professional, whether roof or plumbing will have their own costs for inspections, so it is best to set aside a budget of around $1,300 for your inspection reports.