BUYER EXPENSES
UPFRONT
EARNEST MONEY: 2 deposits typically around 1% plus of the purchase price dependent upon offer parameters. Will be turned in within 2 days of an accepted offer; and a second deposit will be supplied after attorney review. All deposits will be held in escrow.
INSPECTIONS: a general inspection typically starts around $650 (but depends on the size of the home). Add-ons will cost more: sewer line, termite, radon, well, septic, pool, etc). I would recommend budgeting for $650 + paid directly to inspector.
APPRAISAL: usually around $450. The lender will charge you for this before ordering the appraisal, which needs to be ordered as soon as you receive an accepted offer.
AT CLOSING
DOWNPAYMENT: minimum down payment will be 3% of the purchase price, depending on the type of loan. You can put more down if you’d like, if you are willing and able!
LENDER & TITLE CO FEES: These are lumped in as part of your “closing costs,” and they vary depending on the lender and title co you close with. Your lender can provide you with an estimate of what your closing costs will be.
PREPAID INSURANCE: Possibly a few months up to a year of your homeowner’s insurance premium will be collected at closing. Contact your insurance carrier for a quote and payment requirements once you receive an accepted offer.
