When most people start searching for a home in Utah, they focus on the purchase price and monthly mortgage payment. But the true cost of buying a home goes far beyond the list price. Knowing what to expect helps you avoid surprises and budget with confidence.
Here’s a breakdown of the most common costs Utah homebuyers face—and a few that might surprise you.
1. Down Payment & Loan Costs
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Down Payment: Depending on your loan type, this could range from 0% (VA/USDA loans) to 20% or more.
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Loan Origination Fees: Lenders typically charge 0.5–1% of the loan amount.
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Credit Check & Application Fees: Usually small, but worth noting.
2. Closing Costs
Closing costs in Utah average 2–3% of the home’s purchase price. These cover title insurance, appraisal fees, recording fees, and other administrative expenses. Sometimes sellers may contribute toward closing costs, but buyers should plan to cover them.
3. Inspections & Appraisals
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Home Inspection: $300–$500 depending on size.
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Radon, Sewer, or Specialty Inspections: Optional but highly recommended for Utah homes.
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Appraisal: Required by lenders, usually $500–$700.
4. Moving Expenses
From renting a truck to hiring movers, plan ahead for moving day. Even DIY moves often cost more than expected when you factor in packing supplies, fuel, and time.
5. Homeownership Costs After Closing
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Homeowners Insurance: Varies by home value and location.
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Property Taxes: Utah’s average is around 0.58%, but rates vary by county.
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HOA Fees: If you buy in a neighborhood with an HOA, expect monthly or yearly dues.
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Maintenance & Repairs: A good rule of thumb is to budget 1% of the home’s value annually.
6. Lifestyle Adjustments
This is one cost buyers often overlook: utilities, commuting distance, or even needing new furniture for your new space. These lifestyle changes add up and should be considered before making your final budget.
Final Thoughts
The true cost of buying a home in Utah isn’t just the purchase price. It’s the combination of upfront expenses, ongoing costs, and lifestyle changes. Planning ahead ensures you’re financially prepared to enjoy your new home without stress.
At Seasons Real Estate, we don’t just help you find the right property—we help you navigate the entire process, from budgeting to closing and beyond. Ready to explore homes in Utah with confidence? Let’s talk.