One of the most common questions we hear from buyers is how much it actually costs to buy a home beyond just the purchase price.
There are several moving pieces, and understanding them ahead of time can make the process feel much more manageable.
Upfront Costs to Expect
Before you even close, there are a few key costs to plan for:
Earnest Money
This is your initial deposit once your offer is accepted.
Inspection Costs
Home inspections typically cost a few hundred dollars depending on the size and type of home.
Appraisal Fees
If you are financing, your lender will require an appraisal.
Closing Costs
Closing costs are typically between 2 to 5 percent of the purchase price.
These may include:
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lender fees
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title and escrow fees
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taxes and insurance
Down Payment
Your down payment depends on your loan type.
Some buyers put down:
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3 to 5 percent
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10 to 20 percent
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or more depending on their goals
Ongoing Costs
Beyond closing, buyers should also consider:
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property taxes
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maintenance
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utilities
Planning Ahead Makes a Difference
The more prepared you are, the smoother the process tends to be.
FAQs
How much are closing costs in Illinois?
Typically between 2 to 5 percent of the purchase price.
Do I need 20 percent down?
No, many buyers put down less depending on loan programs.
