According to new research from Clever Real Estate, a St. Louis-based real estate company, homebuyers spend an average of $31,975 in homebuying expenses, such as closing costs, repairs, and moving, in addition to their down payment.
The costs are broken down into the following:
- Repairs and renovations: $13,498
- Furniture, fixtures, and appliances: $6,446
- Closing costs: $4,754
- Concessions to seller: $3,943
- Moving costs: $2,670
- Private mortgage insurance: $387 annually
- Home inspection: $277
https://themortgagepoint.com/2024/11/13/costs-mounting-for-home-buyers/
Obviously, a down payment does not include closing costs, home renovations, or buying furniture.
h/t Positive-Mushroom-46