what costs go into a home purchase?

Emeraldeyed315

My DH and I are building our savings, and I am trying to figure out what extra costs go into buying a home.

I know the costs can vary from where you live, but if you could list the cost of everything that goes into buying a home (especially things that were unexpected) I'd appreciate it. (Things like the home inspection) 

Thank you! I don't want to lost our emergency savings on unexpected things that we can plan for.

Quiksilver620

There are so many, but here's a partial list:

closing costs we paid over $13K, home inspection $400, 1 yr of homeowners ins upfront over $1K, then we bought all new appliances/counter tops, dumpster rental, lawn mower, shed, snow blower, weed wacker, swing set, new washer/dryer, paint/supplies and any furniture you don't already have.

Then there's little things that add up like changing locks, trash barrels, window treatments, patio furniture, grill and all the little things to make it your home.

We've also had a plumbing emergency $500, car repair $800.

I'm sure there's a bunch more but that's all I can think of right now

Good Luck

Emeraldeyed315

Quiksilver620:

There are so many, but here's a partial list:

closing costs we paid over $13K, home inspection $400, 1 yr of homeowners ins upfront over $1K, then we bought all new appliances/counter tops, dumpster rental, lawn mower, shed, snow blower, weed wacker, swing set, new washer/dryer and any furniture you don't already have.

Then there's little things that add up like changing locks, trash barrels, window treatments, patio furniture, grill and all the little things to make it your home.

We've also had a plumbing emergency $500, car repair $800.

I'm sure there's a bunch more but that's all I can think of right now

Good Luck

 

Thanks! I saw the lesser known costs below, which was really helpful! I was just wondering what other costs are more upfront (like I didn't know about homeowners insurance needing to be upfront- thanks!) 

LoveKiss

20% down payment (more if buying a co-op, as I see you are in NYC. From what I've heard, co-ops like 25% down)

3-6% for closing costs (lower % if you are buying a pricy house (400k+) and higher % if you are buying a less expensive house)

$400ish for home inspection (more if buying a property with a well or septic, neither of which apply to NYC)

$350ish for the appraisal fee

$ for lawn care equipment (if buying a single family or townhouse in the bourroughs)

$ for movers (all depends on how much stuff you have, where you are moving from, and where you are moving to)

$ in reserve to pay simultaneous rent and mortgage, if they overlap OR $ to pay lease breaking penalties

$ for cleaners for your new home and your current one. You don't want to move into a dirty house, and I know our current lease requires us to pay for professional cleaning AND professional carpet cleaning before we hand the keys back over to the leasing agency

 

 

 

knsh11

Emeraldeyed315:

Quiksilver620:

There are so many, but here's a partial list:

closing costs we paid over $13K, home inspection $400, 1 yr of homeowners ins upfront over $1K, then we bought all new appliances/counter tops, dumpster rental, lawn mower, shed, snow blower, weed wacker, swing set, new washer/dryer and any furniture you don't already have.

Then there's little things that add up like changing locks, trash barrels, window treatments, patio furniture, grill and all the little things to make it your home.

We've also had a plumbing emergency $500, car repair $800.

I'm sure there's a bunch more but that's all I can think of right now

Good Luck

 

Thanks! I saw the lesser known costs below, which was really helpful! I was just wondering what other costs are more upfront (like I didn't know about homeowners insurance needing to be upfront- thanks!) 

Homeowners insurance doesn't always need to be paid upfront. Our mortgage company requested that everything be sent to them, and they would take care of it.