The True Cost of Buying a Home Beyond the Down Payment
- Patriot Real Properties
- Sep 15
- 3 min read
By Ashley Taylor, Licensed Real Estate Agent
631.339.3663
When most people start dreaming about buying a home, the first number that comes to mind is the down payment. It’s the big, headline-grabbing piece of the puzzle… but it’s not the whole story. The reality? Buying a home comes with a handful of other costs that can sneak up on you if you’re not prepared.
That’s where I come in. My job isn’t just helping you find your dream home - it’s making sure you understand the real financial picture so there are no surprises on closing day. Let’s break it down together.
1. Closing Costs – The “Other Price Tag”
Think of closing costs as the supporting cast of your home purchase. They’re not the star, but they’re essential. These fees cover things like:
-Attorney fees (to make sure your contract is solid)
-Lender fees (processing, underwriting, etc.)
-Title search & insurance (to confirm the home is really yours to buy)
-Recording fees (so the county has you on record as the new owner)
Rule of thumb: closing costs typically range from 2–5% of the purchase price. On a $500,000 home, that’s $10,000–$25,000.
2. Home Inspections – Your Peace of Mind
Would you buy a car without popping the hood? Probably not. That’s why inspections are so important.
A standard inspection might cost $400–$700, but specialized inspections (pests, radon, mold, septic, etc.) could add more. The good news? These inspections can save you thousands later by uncovering problems before you sign the dotted line.
3. Property Taxes – Your New Roommate
Property taxes are like the silent partner in your homeownership journey. They vary widely depending on the town and school district, and they’re due every year (not just once).
On Long Island, property taxes can be significant, sometimes OVER $10,000+ annually, depending on where you buy. I always encourage my buyers to factor this in early so they know what their monthly payment really looks like.
4. Homeowners Insurance – Protecting Your Investment
If your house is your castle, homeowners insurance is the moat around it.
Insurance protects against things like fire, theft, and liability. The cost usually falls between $1,000–$3,000 annually depending on location, size, and coverage. And if you’re near the water, flood insurance might also be required …that’s an extra line item to prepare for.
5. Moving & Immediate Home Costs – The Sneaky Extras
Once you’ve signed the paperwork, don’t forget about the practical stuff:
*Movers (or at least a few friends and a pizza bribe *New furniture or appliances
*Utility setup fees (yes, they charge you to flip that switch!)
It all adds up and while not as formal as closing costs, these expenses are very real.
Bottom Line
Buying a home is one of the most exciting milestones in life but it’s also one of the biggest financial decisions. When you know what to expect beyond the down payment, you can plan smarter, stress less, and move into your new home with confidence.
And that’s why I’m here! I’ll walk you through every step…from the first showing to the final signature, so you can focus on picturing yourself in your new home, not worrying about surprise costs.
Thinking about buying? Let’s talk!
I’d love to sit down, go over your goals, and help you map out a clear plan.
631.339.3663
Let’s make your dream of homeownership a reality….the right way!
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