Why Buying A House Might Empty Your Wallet
Initial Costs: Beyond the Down Payment
The down payment is just the beginning. Closing costs, which can range from 2% to 5% of the home's purchase price, cover things like loan origination fees, title insurance, and appraisal fees1. For a $300,000 home, this could mean an additional $6,000 to $15,000 upfront. Additionally, moving expenses and initial home improvements can further stretch your budget.