When budgeting for a new home, most people focus solely on the down payment and monthly mortgage. But the true cost of buying a home goes far beyond that.
Here are some often-overlooked expenses every buyer should prepare for:
- Closing Costs: Typically 2–5% of the home’s purchase price. This includes lender fees, title insurance, recording fees, and more.
- Home Inspection & Appraisal: Essential for understanding the condition and value of the property. Expect to spend $300–$700 each.
- Moving Costs: Whether you DIY or hire movers, plan for truck rental, supplies, deposits, and time off work.
- Property Taxes & Homeowners Insurance: These are usually included in your monthly payment but vary greatly by location.
- Maintenance & Repairs: Experts recommend budgeting 1–2% of the home’s value per year for ongoing upkeep.
- HOA Fees (if applicable): Can range from $50 to $500+ per month depending on the community.
Knowing the full financial picture helps buyers avoid surprises — and make confident, informed decisions.
