What are out of pocket expenses I will need to pay to buy a house? How much cash do I need before closing?
It is an excellent idea to prepare yourself with earnest money before making an offer. This amount varies depending on the market but can be anywhere from $500 to over 1% of the purchase price. No pre-determined set amount is required.
Money for home inspections, prices also vary based on your market, but I would set $1,000 aside for home inspections, including any radon, meth, or specialized tests you may desire.
Lastly, you may or may not need to pay for your appraisal before closing, so make sure you are prepared for that $500-600 charge as well. Any other down payment or closing costs you have based on your loan will be paid for at closing.
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