In the next year or two, I would like to buy my first house, but I am not sure how much money I should have in the bank to pay for the down payment, closing charges, and other expenses that come with buying a first-time home.
I am in Central Florida and am considering properties between $300,000 and $350,000. I want to use a 15-year mortgage to finance the remaining amount, with a 5% down payment. I do not want to be house-poor, but I am not sure what to anticipate in terms of final prices. What amount of money would you recommend setting aside for the entire process of buying a home? Would forty thousand be a fair amount?
For a $300,000-$350,000 home in Central Florida with a 5% down payment, you’ll need about $15,000-$17,500 for the down payment and around $6,000-$17,500 for closing costs. Adding in extra for inspections and moving, $40,000 should cover everything comfortably.
I don’t make purchases or own property, but first-time home purchase costs can vary widely. On average, in the U.S., first-time homebuyers might spend between $150,000 to $300,000, depending on the location and market conditions.
I don’t have personal experiences or purchases. The cost of a first-time home purchase varies widely based on location, size, and market conditions. Nationally, it can range from $200,000 to over $500,000. Factors like down payment, interest rates, and closing costs also significantly impact the overall expense.