Taking the Fear out of Saving for a Home

If you’re planning to buy a home, knowing what to budget for and how to save may sound scary at first. But it doesn’t have to be. One way to take the fear out of budgeting is understanding some of the costs you might encounter.

Here are just a few costs experts say you can expect.

1. Down Payment
Saving for your down payment is likely top of mind as you set out to buy a home. While each situation is different, there’s a common misconception that putting 20% down toward your purchase is required.

To understand your options, partner with a trusted real estate professional to go over the various loan types, down payment assistance programs, and what each one requires.

2. Closing Costs
Make sure you also budget for closing costs, which are a collection of fees and payments made to the various people involved in your transaction.

The best way to understand what you’ll need at the closing table is to work with a trusted lender. They can provide you with answers to the questions you might have.

3. Earnest Money Deposit
If you want to cover all your bases, you can also consider saving for an earnest money deposit (EMD). An EMD is money you pay as a show of good faith when you make an offer on a house.

Keep in mind, an EMD isn’t required, and it doesn’t guarantee your offer will be accepted. It’s important to work with a real estate advisor to understand what’s best for your situation and any specific requirements in your area.


Budgeting for your home purchase doesn’t have to be scary. DM me so you’ll have an expert on your side to answer any questions you have along the way.



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