Purchasing a home is exciting—but it comes with several upfront and ongoing costs buyers need to budget for. According to Florida Realtors, here are the key expenses first-time buyers should anticipate:
Upfront Costs
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Down payment
While 20% is often recommended, many buyers put down significantly less—just be prepared for higher monthly payments if your deposit is smaller. -
Primary Mortgage Insurance (PMI)
Required when your down payment is under 20%, this adds a monthly premium to your mortgage until you’ve paid down enough of the principal. -
Closing costs
Expect to pay 2%–5% of the loan amount at closing. These include appraisal, title, underwriting, recording fees, and transfer taxes. -
Moving expenses
Budget for movers: roughly $880–$2,570 for local moves, or $2,700–$10,000+ for long-distance relocations.
Ongoing Costs
Don’t forget the expenses that continue long after closing:
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Homeowners insurance
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Property taxes
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HOA fees (if applicable)
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General home maintenance
These recurring costs are essential when building a realistic homeownership budget.
Knowing about these extra costs helps you budget more accurately and avoid last-minute surprises. Whether you’re prepping for your first home or your next one, factoring in these expenses ensures a smoother, more confident buying experience. Want help calculating what this looks like for your situation or finding a home within your budget? I’m here to help—reach out anytime!
https://www.floridarealtors.org/news-media/news-articles/2025/07/expenses-expect-when-buying-home
