09/08/2026
The "Hidden Costs" No One Tells You About Buying Your First Home 🏠💰
Saving for a down payment is a huge milestone, but it isn’t the only check you’ll write when buying your first place. If you're budgeting to buy this year, make sure you're keeping these expense categories on your radar:
Closing Costs: Typically 2% to 5% of the loan amount. This covers lender fees, title insurance, home insurance, and escrow setup.
Buyers Agent Representation Fee: Will vary from agent to agent, but typically between 2%-4% of the purchase price of the home.
The Home Inspection: Usually $300 to $600, paid upfront before closing. It is the best money you will spend to make sure you aren't buying a money pit!
Immediate Move-In Buffer: Don’t drain your savings to $0 at closing. You will want a cushion for immediate needs like changing locks, window coverings, moving trucks, and utility deposits.
The Good News? You don't always have to pay all of these out of pocket. Depending on the home and the market, seller credits and down payment assistance programs can cover some of these fees.
Let's get you on the right track to buying your first home!
