Saving up for a home is a major financial accomplishment. However, knowing exactly how much you need to save isn't always straightforward. There are many expenses associated with buying a home, and it can be difficult to keep them all straight. To further complicate matters, some costs are confusing or aren't always apparent to buyers. It's easy to feel overwhelmed when determining what you can afford, but that's why our real estate agents are here to help. We created this list of hidden home-buying costs to help our clients prepare.

• Closing Costs
  Most buyers are aware of closing costs, but not everyone understands the individual fees and how they contribute to the overall expense of buying a property. Specific closing costs also vary depending on your location. Common closing cost fees include mortgage application fees, title transfer fees, loan origination fees, appraisal fees, and sometimes dozens of others. The best way to get a handle on your closing costs is to work with your mortgage lender on a home cost worksheet.
  
  
• Earnest Money
  Earnest Money is a portion of your down payment, but the catch is you pay it once your offer is accepted instead of at closing. It's a good-faith deposit placed in an Escrow account to show the seller that you're serious about moving forward. In most cases, you'll forfeit the costs if you back out of the deal for a reason not covered in your contract. Most buyers offer 1% to 3% of the purchase price as Earnest Money, so you'll need to have this money on hand as soon as you make an offer on one of these Cleveland homes for sale.
  
  
• Property Taxes and Insurance Premiums
  Many lenders will require you to pre-pay six months of property taxes and insurance premiums into an Escrow account as closing. Your lender can help you estimate these before closing.
  
  
• Inspections
  Many buyers forget about inspection costs, but you'll need to cover these too. These include the cost of a general home inspection, pest inspection, sewer camera, Radon test, or any other factors. They generally range from $200 - $ 500 depending on the inspection.

Buying a home is much easier with an experienced real estate agent to guide you along the way. Contact us today to start your home search.