The purchase of a home is the greatest investment many people probably will make during their lifetime. It is essential to know what costs will be the obligations of the buyer at the time of the purchase and how much money will probably be needed to close the deal. Most lenders or realtors can prepare a cost sheet for buyers indicating those items requiring cash at the closing. The items listed on the cost sheet for home buyers may include the following:

Inspection Fee

Expert home inspectors have a checklist of things to analyze. These items contain, with some examples in parentheses, structural elements (walls, ceilings, roofs); outside evaluation (wall coverings, drainage, doors, windows); roof and attic (framing, venting, gutters); plumbing; systems and components (water heaters, furnaces, chimneys) electrical (circuit breakers, wiring, light fixtures); appliances (dishwasher, oven, smoke detectors); and garage (slab, firewall, openers). Virtually any defective areas will be described and the seller may need to restore them. The cost of an inspection could run near $100 per hour as a general rule of thumb.

Appraisal Fee

This buyer expense is to get a home valuation estimate from a professional home appraiser who will visit the home and inspect its size, condition, quality and function. In determining a final value, the appraiser will compare the house to equivalent homes previously sold in the vicinity according to square footage, visual appearance, amenities and all round condition. The fee for this work usually runs from $300 to $500.

Transfer Fees

This charge pays for the recording of the deed which shows the property title proceeding from one party to another. The charge differs from state to state.

Down Payment Cost

The down payment money does vary contingent upon what the buyer can afford. There is a recent discussion on down payment amounts between government agencies and mortgage lenders. Proposals ranging from 10 to 20 percent of the home's value are being deliberated.

Closing Costs

The home closing costs feature a gamut of items that are important for the closing. There are generally two categories, non-recurring costs and recurring costs. The non-recurring costs are only once costs and may include the costs for title policies, escrow, notary, wire fees, attorney, recording, state-county-city transfer taxes and lender fees. The recurring costs can include property taxes, fire insurance premium, mutual or private mortgage insurance premiums and prepaid interest. The actual closing costs may range from 2 to 4 percent on the purchase price.

Prepaid Items

A final grouping contains prorated costs which may include homeowners insurance and also homeowner's association dues.

Adding all these costs together will give the perspective buyer a good estimate of what will be required at the closing. In some circumstances some of these costs could be negotiated for payment by the property owner.

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