Congratulations.. you found your dream home, and your offer was accepted! But before you pop the champagne, it’s important to understand that the price on the listing is far from the only number that matters. Many first-time buyers are caught off guard by the additional expenses that come with purchasing a home. The good news? With a little preparation, none of these have to be a surprise. The listing price is just the starting point. Before you close on your new home, make sure you’ve budgeted for these often-overlooked expenses:
Closing costs 2–5% of the purchase price
Home inspection$300–$600+
Homeowner’s insurance $1,200–$2,000/year
HOA fees $100–$700/month
Maintenance & repairs~1% of home value/year
Moving costs$1,000–$5,000+
Planning for these costs means less stress and more confidence on closing day. Have questions about what to budget for in our local market? We’re here to help.