This Is How Much You'll Spend in Hidden Costs When Buying a House

Buying a home is exciting business, but don’t pop the bubbly quite yet. According to a study from RealEstate.com, the average homebuyer spends $40,080 on closing and moving costs alone—and that’s before the first monthly mortgage bill even arrives. If you’re working with a no-wiggle-room type of budget, you should definitely know the costs and fees that come with buying a house before you start looking.

Related: Realtor Tips for Selling Your Home

The cost analysis took three key factors into consideration when calculating the numbers: Down payment, closing costs, and moving costs. The down payment is commonly 15% of the total home value. This is normally the largest sum of one-time fees, and in big cities like New York can reach an average of $64,455. Closing costs can include the appraisal, insurance, transfer taxes, and more. In the United States, the average closing cost is $6,246 per home.

Finally, moving costs make the smallest dent in your wallet and can vary based on how much work you're willing to put into the move yourself. Moving costs, which include everything from the first cleaning to installing your flat-screen TV, were calculated by Thumbtack, a professional services app that connects people with local businesses.

Location, Location, Location

Of course, location is a huge factor in the equation. San Jose, California, has the highest median home value, making the down payment alone $193,890. The cheapest locations on the list are Cincinnati and Cleveland, Ohio, with average costs and fees totaling less than $30,000.

Related: 4 Home Renovations That Add Major Value

Don’t make a rookie mistake and assume the monthly mortgage cost on your contract will be the only bill you see. Discover the one-time costs associated with nine major cities below, then check out the full list of cities and one-time costs here.

Image courtesy of RealEstate.com