5 Often-Overlooked Home Buying Budget Busters

While you may have determined the amount you can afford to spend on a home and saved the down payment, lots of other expenses can sneak in during the shopping and buying process—and those can bust your budget. Below are five common expenses you should factor into your budget now to avoid an unpleasant and costly surprise later.

1. Closing Fees

When you're ready to sign papers, you won't just be handing over a check for your down payment. You'll have to fork over an additional 2 to 5 percent of the purchase price for closing fees. This bill includes everything from attorney's fees to title insurance to the cost of pulling your credit report. In some cases, you can negotiate to have the seller cover this portion of the bill, but if not, be prepared to pay. For a $250,000 home, closing fees could cost you over $12,000.

2. Inspection

Before going ahead with a purchase, you have to get a home inspection, which means hiring a professional to go to your prospective property and kick the tires. Inspectors check for structural damage, safety issues, mold and other problems that could be deal breakers. Though the house isn't yours yet, the cost of inspection, which is usually a couple of hundred dollars, falls to you.

3. Immediate Repairs

If you find something that needs to be fixed during an inspection and decide that it's not a deal breaker, you can ask the owners to make the repairs, or you can use the flaw to bargain for a lower price. If you choose the latter path, you will need to shell out to fix the problem when you move in. Those repair costs can vary widely depending on what needs to be done. A new roof, for instance, could run you anywhere from $5,000 to $12,000.

4. The Move

When the deal is done, you might think that it's time to put away your checkbook and celebrate. But you still have to complete your move, and for most people, that means hiring movers. Depending on the amount of stuff you're moving, you could pay between a few hundred dollars and over $10,000. Think about how much work you're willing to do yourself, and how much you're willing to spend to transplant yourself to your new digs.

5) New Necessities

Buying new things for your new home is part of the fun. For the most part, you can get by with the basics until you have more wiggle room in your bank account, but you should note any items you will need to buy immediately and budget for them. Will you have stairs in your new place that you didn't have in your last? If you have a baby or dog, you may need a safety gate so they don't injure themselves. There are smaller considerations too, like a shower rod or curtain, or lamps if you don't have ceiling lights. Buying a home of your own is one of life's most exciting, stressful endeavors. Making sure you know how much money to set aside is critical so you can achieve your goals. That means mapping out plenty of scenarios and, if possible, leaving a little cushion.