Understanding Homebuyer Expenses

Buying a home involves more than just the purchase price. At Parker Properties Real Estate, we believe informed buyers make confident decisions, so we help you understand the typical expenses you may encounter along the way.

When your offer is accepted, you’ll typically provide an earnest money deposit, usually 1–3% of the purchase price, to show you’re serious about the home. Your down payment will depend on your loan type, but many buyers put down anywhere from about 3.5% to 20%. During the contract period, you’ll also pay for a home inspection and an appraisal, which help protect you by confirming the condition and value of the home.

At closing, buyers are responsible for closing costs, which often range around 3–6% of the purchase price and may include lender fees, title services, and other transaction-related expenses. It’s also wise to have an emergency fund set aside — most experts recommend 3–6 months of income — to handle unexpected home or life expenses after you move in.

Our Parker Properties team will walk you through each cost ahead of time, help you plan, and make sure there are no surprises as you move toward homeownership.