The Cost of Buying a New Home in the Augusta Area: What Should You Budget For? 

Augusta, Georgia was recently recognized as the #1 top city “on the rise” for job opportunities by LinkedIn. The Central Savannah River Area (CSRA) is a growing hub for industries such as cybersecurity and defense, healthcare, and education. 

If you're planning to move and purchase a home in the Augusta area, it's important to understand that there are several expenses you should be prepared for. 

Knowing what to expect can help you budget confidently and avoid surprises along the way. Here's a breakdown of the most common costs associated with buying a new construction home in the CSRA. 

1. Earnest Money Deposit 

Once you have found the perfect home, you'll typically place an earnest money deposit (sometimes called construction deposit) to secure your purchase. This deposit demonstrates your commitment to the contract and is applied toward your purchase at closing. 

The required amount varies depending on the purchase price of the home. Typically, buyers can expect to provide an estimated 1-2% of the purchase price as a deposit.  

2. Down Payment 

Your down payment is often the largest upfront expense. The amount depends on your loan type and financial situation. 

Many buyers are surprised to learn that you don't always need 20% down. In fact, several loan programs allow qualified buyers to purchase with much less. 

Some common loan options include: 

• FHA loans with as little as 3.5% down 
• Conventional loans with low down payment options 
• VA loans for eligible veterans with no down payment 
• Specialized loan programs for medical professionals and educators 

Working with a trusted lender early in the process can help you determine which program best fits your goals. Ivey Homes works closely with local, trusted lender partners to provide a smooth, stress-free home-buying experience. Some of our lender partners also offer special Ivey buyer lender credits that can assist with covering closing costs.

3. Closing Costs 

Closing costs are the fees associated with finalizing your mortgage and transferring ownership of your new home. These typically range from 2% to 5% of the home's purchase price, although the exact amount varies based on your loan and location. 

Closing costs may include: 

• Loan origination fees 
• Appraisal fees 
• Title insurance 
• Attorney or closing fees 
• Recording fees 
• Prepaid property taxes and homeowners insurance 

The benefit of buying a new construction home with Ivey Homes is that we offer a Your Home Your Way incentive to assist with covering expenses such as closing costs, pre-paid HOA dues, select home options (fence, fridge, blinds, etc), or interest rate buydown. Incentive amount varies by community, so be sure to ask your Online Sales Counselor or Community Sales Associate about current offerings.

4. Moving Expenses 

It's easy to focus on the purchase itself and forget about moving costs. Whether you are moving from out of state, or locally, it's important to budget for these expenses. 

Depending on your situation, you may need to budget for: 

• Professional movers 
• Moving truck rental 
• Packing supplies 
• Utility connection fees 
• Temporary storage 
• Vehicle registrations 
• Professional cleaners (for previous home and new home) 

Planning ahead can make moving day much less stressful. 

5. Monthly Homeownership Costs 

Your monthly mortgage payment is only one part of your ongoing housing expenses. Be sure to factor in: 

• Homeowners insurance 
• Property taxes 
• HOA dues (if applicable) 
• Utilities 
• Landscaping services (optional) 
• Pest Control 
• House Emergency Fund (for expenses not covered by warranty) 

One advantage of purchasing a new construction home is that maintenance costs are often lower during the first several years compared to purchasing an older home. Ivey Homes offers a one-year builder warranty, and 2-10 extended home warranty. So, you can have peace of mind that you and your new home are taken care of.  

Don't Forget About First-Time Buyer Assistance 

If you're buying your first home, you may qualify for down payment assistance or other homebuyer programs that can significantly reduce your upfront costs. 

Programs vary based on income, location, and loan type, so it's worth speaking with a lender who is familiar with Georgia and South Carolina homebuyer assistance options. Some examples of down payment assistance programs include the Georgia DREAM loan program, SC Housing Program, Palmetto Home Advantage, and Palmetto Heroes.

Budgeting with Confidence 

Buying a home doesn't have to feel overwhelming. When you understand the costs involved and have the right team guiding you, you'll be able to make informed decisions every step of the way. 

At Ivey Homes, our Online Sales Counselor and Community Sales Associates are here to answer your questions, connect you with trusted lending partners, and help you navigate the buying process with confidence. 

Whether you're just beginning your home search or you're ready to take the next step, we're here to help you find the right home and understand exactly what to budget for along the way. 

Ready to start your homebuying journey? Contact the Ivey Homes team today to explore available homes throughout the Augusta area and discover current financing opportunities that could help make your dream home more affordable. 

706-840-8573

Ivey Homes is a leading new home builder in Grovetown. GA, and North Augusta, SC, with townhome and single-family home pricing ranging from the $220,000’s to mid $500,000’s. For more information about living in or building a new home in Columbia County, Aiken County, or Edgefield County, visit iveyhomes.com! Connect with us on our Facebook page and Text: IVEY to 77848 for convenient updates.

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