09/02/2026
💰 BUYERS: Your down payment isn’t the only money you’ll need to buy a home!
One of the biggest mistakes I see is buyers saving for the down payment—but forgetting about the other expenses that come with purchasing a home. 🏡
Depending on your transaction, you may also need money for:
🔍 Home Inspection — Paid upfront to evaluate the condition of the home.
💵 Earnest Money Deposit (EMD) — Money deposited after your offer is accepted that typically gets credited toward your purchase at closing.
📋 Appraisal — Your lender may require an appraisal to confirm the home’s value.
🧾 Closing Costs & Prepaids — These can include lender/title fees, homeowners insurance, taxes, and other costs.
📦 Moving Expenses — Movers, utility transfers, furniture, repairs and all those little things that add up!
🏦 Reserves — Don't drain your entire savings account just to get the keys. Having money left over for unexpected homeowner expenses is important.
And here's the good news: you may not have to cover everything yourself. Depending on the loan, property, and your qualifications, there may be down payment assistance programs and opportunities to negotiate seller concessions.
🔑 The goal isn't just to get you into the house. It's to make sure you're financially prepared for homeownership.
Planning to buy? DM me “Keys” and let's talk about what you should be preparing for NOW.
MetroDetroitRealEstate DownPaymentAssistance
