Buying a home isn’t just about the list price and the dreamy paint color you already picked for the dining room. There are a few additional costs you’ll want on your radar so you can right-size your budget, reduce friction, and keep your home purchase running on schedule and under stress. Consider this your quick, high-impact briefing.
1) Earnest Money Deposit (EMD)
Think of the EMD as your “I’m serious” handshake in dollar form. It’s typically 1%–3% of the sales price, held in escrow to protect the seller while you move through inspections, appraisal, and financing. Good news: it's applied towards you owe on closing on your settlement statement. Translation: not an extra fee, more like a parking spot for part of your funds until the finish line.
2) Down Payment
Contrary to the internet myths, you don’t always need 20% down. There are a range of loan programs, some with low or even 0% down—depending on your income, credit, and debt-to-income ratio. Step one (always): talk to a great local lender so you know exactly what you qualify for and what makes the most sense for your goals. This is the mission-critical first step in your homeownership journey.
3) Closing Costs
These are the costs to seal the deal—lender fees, title/settlement fees, taxes, insurance, and recording charges. As a planning benchmark, closing costs often run around 3% of the purchase price (e.g., about $9,000 on a $300,000 home). In some negotiations, we can even ask the seller to contribute, which helps keep more cash in your pocket for movers, drapes, or celebratory donuts. 🍩
4) Home (and Radon) Inspection
Not legally required—but highly recommended. Inspections help you understand the home’s systems (HVAC, appliances, etc.) and surface any issues early so we can address them like pros. Typical pricing in our area: home inspections often land around $750–$1,000 (higher for larger homes), and radon tests are commonly $150–$175. Have a well, septic, or pool? We can scope additional inspections as needed. It’s inexpensive peace of mind, and leverage for repairs, if we find anything.
5) Moving Expenses
Across town or across the country, moving costs vary widely. Professional movers can save your back (and your dining table legs), and you’ll want to confirm they’re insured (based on my own experience I highly recommend hiring a professional). If you opt for the “friends + pizza + a heroic pickup truck” approach, just be prepared for a little more chaos. Either way, price a few options so you can forecast realistically.
Quick Budgeting Framework (Clipboard-ready)
- EMD: 1–3% of price (credited back at closing)
- Down Payment: Program-dependent (sometimes as low as 0%)
- Closing Costs: 3% of sales price (ask about seller credits)
- Inspections: $750-$1,000 + radon $150-$175; add-ons as needed
- Moving: Get multiple quotes; verify insurance
Pro move: we’ll align these line items with your lender pre-approval so your offer strategy, cash to close, and move-in plan are fully synchronized. That’s how we de-risk, de-stress, and deliver.
Ready to make a smart, stress-light move?
I’ll help you optimize the numbers, negotiate confidently, and keep the process calm, clear, and on-track from “tour” to “keys.”
Melody Visser, REALTOR®
Real Broker | Loudoun & Fairfax
📧 [email protected] | 📱 703-785-8203
www.SellBuyNovaHomes.com
