If you\u2019re in the process of buying or have just bought your first home, congratulations! This is a huge accomplishment and a huge positive change in your life. Choosing a home (especially as a home-buying newbie) is no easy task, and an extremely stressful process to go through once you\u2019ve found a house you\u2019re really excited about (especially if there\u2019s competition for it!).\u00a0 Whether you\u2019re amidst the process still, or have recently closed on your first home, it\u2019s incredibly important to know about and educate yourself regarding fees and the possible hidden costs that come with the home-buying process. To make sure you\u2019re prepared, read our tips below for the hidden costs you might not anticipate when buying a new home.\u00a0 \t\u201cEarnest Money\u201d The concept of earnest money comes up once you\u2019ve filled out your application to buy your home. This money acts as a statement of intent of sorts, and lets the seller know that you\u2019re serious about the process and committed to buying this home.\u00a0 The money, which generally is about 1%-2% of the total purchase price of the home, will be applied to your down-payment and closing costs if your offer is accepted. Only put your contract in motion if you\u2019re really interested in the home - you don\u2019t want to back out just because you\u2019re not interested anymore after putting money down.\u00a0 \tInspections Make sure to have your prospective house appraised and inspected by professionals before putting in an offer or any money down on it. Some inspections are included in the appraisal process, and some will need to be booked separately.\u00a0 However, both are extremely important to make sure you\u2019re getting a good value for your prospective home, and that there aren\u2019t any possible problems or huge issues with the house itself before you buy.\u00a0 \tInsurances Before you buy, make sure you start researching reliable insurance companies for the various kinds you\u2019ll need for your home. There are 3 different kinds of insurance you\u2019ll want to research: homeowners insurance (to cover repairs, personal belongings, and liabilities), mortgage insurance, as well as supplemental insurance (to cover any extreme weather damage or natural disasters).\u00a0 Most lenders will have you purchase homeowners insurance before approving your loan, and will add the cost of your mortgage insurance on to your mortgage payment or closing costs (or both). Supplemental insurance is usually optional, but can be a real life-saver for those in areas prone to extreme weather patterns or flooding.\u00a0 \tAppliances If you\u2019ve been renting thus far, it might slip your mind that your home will probably not come with appliances or with various furnishings. Make sure to set aside a budget to make sure that you\u2019re ready for any big appliance purchases you might need to make sure are covered.\u00a0 Additionally, discuss with your seller as to what will come with the house, what won\u2019t and what might be included for an extra fee. You\u2019ll probably need to get a new washer and dryer, and (odds are), probably a stove\/oven and refrigerator for your new home.\u00a0 When making your first home purchase it\u2019s easy to feel overwhelmed by the whole process - even if you\u2019ve found the home of your dreams! Take it day by day, and make sure you\u2019re fully prepared for the costs involved and anything that might get thrown your way. Contact Ray the Mover for assistance with your upcoming move!