Figuring out how much money you need to buy a house is tricky. From a down payment to inspection and lawyer fees, purchasing a home requires you to write a lot of checks (or make multiple money transfers) in a very short amount of time. So, you want to know all of the up-front home-buying costs before diving in — but it turns out most buyers are not prepared for every expense in the home-buying process.
In fact, in Apartment Therapy’s recent survey of real estate professionals and homebuyers, 80% of the selection of real estate experts we surveyed said that buyers are least informed about “how much money you need in addition to a down payment.” Almost a third (31%) of recent homebuyers we surveyed agreed with that statement.
Those extra costs are a big surprise if you go into the home-buying process thinking you only need a down payment to become a homeowner, especially if you only saved with that in mind.
To break down exactly how much money you need up front to buy a home in 2024, I asked four real estate experts about the specific expenses homebuyers should prepare for and how much money they should have saved.