Money needed to prepare for a purchase will vary, and I can help you best prepare, by talking with you to determine your individual wants and needs, but the following will give you an idea of what you will need to have:
- Earnest money (varies from $500-$2000 approximately)
- Inspection money ($300 approximately)
- Appraisal money ($300-$400 approximately)
- Closing costs ($2000 approximately)
- Down payment (3.5-20% of purchase price, typically, unless you qualify for 0 down)
You will write a check for the earnest money when you write the offer, the inspection and appraisal money is typically within 7-21 days later, and the down payment and closing costs at closing. These numbers vary greatly, depending on the purchase, and how we negotiate the agreement, for instance, you can sometimes ask the seller to pay some of the closing costs for you, and raise your offer price to compensate. The earnest money is credited back to you at closing which also reduces the amount you need to bring.
This is a very simple explanation of these costs, to try to help you, when you first begin to ask questions about real estate and buying a home.
I am personally here to help you anytime, to further explain how we can make this work, for your specific situation, and to get more in-depth as to what this all means!