Closing Cost Shock

Beyond the down payment, first-time buyers are often blindsided by closing costs — fees for the loan, appraisal, title insurance, attorney, and more. Budget 2-5% of the purchase price. On a $350,000 home, that's $7,000-$17,500 due at the closing table.

Then there's the move-in reality check:

• Furniture and appliances you didn't need as a renter
• Immediate repairs the previous owner neglected
• Utility setup fees and deposits

A healthy rule: have 3-6 months of expenses saved beyond your down payment and closing costs. The last thing you want is to be house-rich and cash-broke on day one.