Out of Pocket Expenses When Buying A Home

The number one question I receive is; “How much money do I need to buy a home?”

How much money you need to purchase a home is more than just your closing costs or down payment. It starts off with your Earnest Money Deposit, which can vary per contract. There will also be costs associated with any environmental or inspections that you opt to perform on your new home. Your down payment for your loan, will be determined on your loan type and the game plan that was established with your lender. So the basic answer for this question is simple; honestly, there is no set amount for any purchase.

Are you considering buying a home? When buying a home, there are several costs attached to the process. There are the down payment, closing costs, and ongoing costs such as property taxes, mortgage insurance, and HOA fees.


Buying a home is the most intimidating, exciting, and stressful thing a family will ever do. There are many things to consider like, mortgage rates, closing fees, down payment, and add-ons, especially when you’re in a down market.

As your agent, it’s our job to help you navigate this process and determine your personal closing costs. This guide will walk you through what to expect and how much it will cost when buying a home. Give us a call or check out the closing costs section below to learn more about those.


Closing costs include various fees that are required to be paid at the time of settlement when purchasing a new home. Some of the fees you may end up paying would be;

– Lender Fees                                   – Pro-Rated Real Estate Taxes

– HOA Fees                                       – Transfer Taxes & Stamps

– Title Insurance                            – inspection fees

This is not an all inclusive list but gives you an idea of some of the fees that you may come across. As we go through the process, the amount of funds you will have to bring to the table will be crystal clear. Your lender an I will provide you all the information you need to be prepared.


These fees can be paid by the buyers, the seller, or a combination of both. This is all depending on what is agreed upon during the negotiation phase of the homebuying process.

Closing Costs of Buying A House


This is the amount of money you are required to put down at the time of contract to secure your contract will vary from deal to deal depending on the seller’s requirements.

Dream Driven Properties will work to negotiate a fee that fits within your budget. Depending on the price of the home, you can generally expect at least $500 and for higher end homes, $5,000. As long as you settle on the property, this money is your money, that can be used towards down payments, closings costs, pre-paids, or other fees.

You can also get a check back at closing, depending on the loan type!


Whether or not you choose to have a home inspection is 100% your decision. You can anticipate home inspections to cost anywhere from $350-$900+ depending on what all the home inspector is reviewing and testing. Home inspections help provide you, the buyer or seller with a comprehensive list of the current home’s condition. These are typically non-invasive inspections and provide detailed reports with photos to the buyer/seller who hired them.


These fees are usually collected by your lender and are usually between $550-$700 in this area. On homes that are move-in ready, you should expect to have these funds available immediately after you have a ratified contract.

Appraisals are used by the lender to ensure they are providing funds for a property that has that same value.


Depending on your transaction and whether you are buying or selling, other miscellaneous fees may come into play.

Dream Driven Properties helps prepare you, before looking for homes, on the cost of buying a home. We will do our best, with the help of our trusted lenders to provide you the appropriate amount of funds you will need for your purchase!

If you are selling, we will help prepare you for the expenses, expected negotiations from buyers and ultimately work to get you the most money back from the sale of your home!


Dream Driven Properties

499 Halltown Rd  Harpers Ferry, WV 25425
(304) 303-5600