Barin Saxton Urges First-Time Buyers to Budget $6,000-$18,000 in Closing Costs
Updated
Updated · KXLY Spokane · Jul 27
Barin Saxton Urges First-Time Buyers to Budget $6,000-$18,000 in Closing Costs
2 articles · Updated · KXLY Spokane · Jul 27
Summary
$6,000 to $18,000 in closing costs on a $300,000 home can catch first-time buyers off guard, Barin Saxton said, urging them to factor those expenses in before making an offer.
Pre-approval should come before house hunting, he said, because it sets borrowing limits, clarifies lender requirements and helps buyers understand what home they can realistically afford.
Saxton also warned against draining savings for a down payment, recommending an emergency cushion of three to six months to cover repairs, job loss or lower income.
A home purchase should fit plans for several years, he said, since moving again within one or two years can lead to significant financial losses; a professional inspection can also flag repair costs early.