The Real Cost of Buying a Home
Everyone talks about the down payment needed to buy a house and typically that’s all anyone mentions as far upfront money. There are a few more expenses that come with buying a home once your offer gets accepted though that are worth mentioning upfront. Unfortunately, I realized that a little too far into the process of buying my own home, but hopefully I can help you feel a little more prepared for the potential costs you’ll incur while trying to buy a home. PS: I know this list may look overwhelming but knowing what you could have to pay is better than being blindsided. 
Inspection costs - ~ $300-$500
The buyer is responsible for the cost of inspecting the home. This price can range between $300 to $500, depending on the size of the home and any additional buildings you may want inspected. Depending on your home you may want additional inspections like radon tests, fireplace and flues, lead paint, sewer and water pipers, or asbestos - all of which would be additional fees.
EMD - ~ $1,000+
Depending on the price of the home or requirements by the seller you will likely be asked to put $1,000 or more into an earnest money account. This is typically money that is held by your real estate agent’s brokerage but the good news is it is often applied to your closing costs or returned to you once your transaction closes. Read more about earnest money deposits.
Closing Costs - Varies
Your closing costs are dependent on your loan type, amount, and what you work out with the seller. Sometimes the seller is willing to contribute to closing costs if you ask for that in your original offer for the home. If you are short on cash you can also offer to pay over the asking price for the home so that it is rolled into your loan if they are willing to pay the cash at closing. This is a good tool if you can still buy the home within it’s appraisal value. This is definitely a strategy to discuss with your Realtor®. Ask your loan officer to review all of the options with you as far what your closing costs will look like.
Materials to fix items found in inspection - Varies
If you have a new build this should be a minimal cost or should be taken care of by the builder. Check your builder’s contract for a 60 and 90 day repair option. The older your home the more potential you’ll need savings to fix or replace major systems like your water heater, air handlers, or appliances. 
Getting keys made/locks changed - $2.50-$500
If you are someone who is concerned about who may have previously had keys to your home you’ll want to change the locks or get them rekeyed. If you a little more of a carefree spirit (or just forgetful like me) you may just make an extra copy or two of your keys once you get them at closing. Time off work - depending on the type of work you do and how you get paid, this might be a significant cost for you.
Movers - $300+
If you don’t have family or friends where you’re moving (or they have opted out of helping) you’ll likely need to hire movers unless you want to spend multiple days and a ton of money in Advil packing a U-haul.
Overlapping Rent/Mortgage
If you are renting you may be able to perfectly time your rental contract to end by the time you have to move! Wouldn’t that be amazing?! Just incase that isn’t the case (closing gets moved back, you can’t move that weekend, etc.) you should be prepared to pay to extend your lease, pay month-to-month (which is usually a higher cost) or potentially have to rent a storage space if you can’t extend your rental but can’t move into your new place yet.
New Appliances - $200+
If you have a new build or if the previous owners decide to take larger items like the washing machine or the refrigerator with them you’ll need a cash stash to be able to purchase those items. If you move around any American holiday though (Memorial Day, July Fourth, Labor Day) or good ol’ Black Friday you can find great deals at the major home improvement stores.
Happy Hunting!
