The Real Cost of Buying a Home in Today’s Market (What Buyers Don’t See Coming)

Buying a home is a major milestone — but the truth is, the real costs often surprise first-time buyers and even seasoned homeowners. The market has changed, lending rules have tightened, and every decision impacts affordability. Understanding these expenses upfront helps you move with confidence instead of confusion.

1. Upfront Costs Every Buyer Should Expect

Earnest Money Deposit (EMD)

This shows the seller you’re serious. Typically 1–2% of the purchase price, credited back to you at closing.

Due Diligence Fee (NC-Specific)

Your non-refundable fee directly to the seller for taking the home off the market while you inspect it. Commonly $1,000–$5,000 depending on price and competitiveness.

Inspection Costs

• Home inspection

• Pest/termite

• Radon

• Septic

• Well

• Chimney

• Structural or engineering if needed

A thorough inspection budget is typically $600–$1,200.

Appraisal

Required by lenders to protect both buyer and bank. Expect $500–$800.

2. Your Mortgage Matters More Than People Realize

Loan Options in Today’s Market

• Conventional – Best for strong credit, competitive in multiple offers

• FHA – Great for lower credit or first-time buyers, but stricter appraisal

• VA – Zero down, excellent benefits (veterans only)

• USDA – Zero down in eligible rural areas

Each loan has different requirements for property condition, cash-to-close, and offer competitiveness.

3. Closing Costs: What Buyers Really Pay

Closing costs usually run 2–3% of the purchase price and may include:

• Lender origination fee

• Homeowners insurance premium

• Prepaid taxes

• Escrow setup

• Recording fees

• Attorney fees (NC is an attorney close state)

Seller concessions can help reduce these — especially in slower seasons or with motivated sellers.

4. Long-Term Costs After Closing

• HOA dues

• Maintenance

• Utilities

• Landscaping

• Appliance replacement

• Emergency repairs

Owning a home is powerful wealth-building — but it’s important to be financially prepared, not surprised.

Call to Action

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Jessica J. Baldovinos | @JessicaJBRealtor
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