Coming up with the down payment is usually the biggest hurdle for buyers. A lot of people think you need 20%, but that’s often not the case. Many buyers purchase with 10%, 5%, or even 3% down depending on the loan program.

That said, sellers do tend to prefer offers with 20% down or more because it demonstrates strong financing and gives the buyer more wiggle room if the appraisal comes in low or rates move around during escrow.

From your side, putting less than 20% down can trigger PMI (private mortgage insurance), which adds to your monthly payment and may come with stricter underwriting requirements. But it’s completely doable, and for many buyers it’s the right decision. I’ve even done it myself.

A Note About Reserve Requirements

For a jumbo loan (above $1,035,000 Ventura County, $1,249,125 LA County) you may be required to show you have 6–12 months’ worth of payments saved up. For conventional loans, you may only be required to show a couple months’ worth, or none at all.

💡TIP: You’ll only deposit 3% of the purchase price upfront as your Initial Deposit, which gets credited toward your down payment. The rest isn’t due until the final days of escrow, but you will need to show a bank statement proving you have the full amount with your offer.

Out-of-Pocket Expenses | During Escrow

Initial Deposit: Once your offer is accepted, you’ll have 3 days to wire your 3% deposit into escrow. It’s fully refundable if you cancel during your contingency period, usually about 10 days for inspections and up to 17 days for loan and appraisal.

Example: On a $1M home, your 3% deposit is $30,000. That amount goes toward your down payment. If you’re putting 20% down, the remaining $170,000 isn’t due until the final days before closing.

Inspections: It’s your right to conduct any inspections during the contingency period. You do not need permission from the seller, their agent, or even your agent. It’s 100% your choice. Just keep in mind it is at your expense.

Should I Expect Repair Credits?
Sellers in Ventura and LA Counties are only legally required to strap the water heater and install smoke and carbon monoxide detectors. Everything else is negotiable.

Broken items and safety concerns are fair requests. Concessions are often given as credits toward closing costs to reduce your cash to close.

💡 TIP: These are the most common inspections in the Conejo Valley, but you are not limited to just these options.

There are two basic types of closing costs: non-recurring and recurring.

• Non-recurring closing costs are the one-time fees associated with buying a home, such as loan costs and escrow fees.
• Recurring closing costs include the ongoing expenses you will pay on a yearly or monthly basis, such as interest, property taxes, and insurance.

Non-Recurring Closing Costs

While we’re completing inspections, there’s a lot happening behind the scenes with your lender and escrow. These fees are part of your closing costs and are paid when you wire the remainder of your down payment a few days before closing. Remember, you already deposited 3% of the purchase price.

Loan Fees

Lender fees vary depending on who originates your loan. Most loans include processing fees, underwriting fees, and additional administrative charges.

💡 TIP: It’s good practice to speak with at least one major bank (BofA, Chase, etc.) and one mortgage broker. Big banks are often best for highly qualified buyers with fully documented income. Mortgage brokers are typically better for everyone else.

Escrow & Title Fees

Before you officially close, there are several final costs that appear on your closing statement, including escrow, title insurance, and other standard transaction fees.

• Escrow: A neutral third party that facilitates the transaction. Escrow collects and distributes funds and paperwork for your purchase. The fee is based on the home’s price.
  Budget: $2,500–$3,500
• Lender’s Title Insurance: The seller pays for the main title policy, but your lender requires a sub-policy to protect their interest. It ensures the home is clear of liens or title defects and protects against future claims. Like escrow, it is based on the sales price.
  Budget: $2,000–$4,000
• Miscellaneous Fees: Additional fees may include recording charges, notary fees, messenger fees, and other administrative items.
  Budget: $2,000–$3,000

When you receive an estimated closing statement, the amount for closing costs may be more than you expect. That’s because the recurring costs (expenses you will have going forward) will be included along with the one-time non-recurring closing costs.

For example, if your new home closes on April 20th, your first payment won’t be May 1st, it will be June 1st. Escrow will collect roughly 40 days’ worth of interest upfront. The same goes for homeowners insurance. In most cases, you’ll pay the first year’s policy upfront.

Recurring Closing Costs

💡 TIP: Recurring closing costs can add another 1.0%–1.5% to your cash-to-close. You’ll want to factor that into your planning.

You’re almost to the finish line! Now it’s time to start planning your move.

Hiring a Moving Company

If you’re hiring professional movers, the price can vary quite a bit depending on the size of your home, the distance of the move, and whether you want help with packing.

• Local Moves (typically within 50 miles)
  Most local Conejo Valley moves fall between $1,000 and $3,500, depending on how much you’re moving and how many movers are needed. A smaller condo or townhome will be on the lower end, while a larger two-story home with heavier furniture may require a bigger crew and more hours.
• Long-Distance Moves
  Moving out of the area, or into the Conejo Valley from out of state, can range widely because pricing is based on distance, weight, and services. It’s not unusual to see long-distance moves anywhere from $5,000–$15,000+, especially for a full household.
• Additional Services
  Some buyers prefer to have movers handle everything including packing, unpacking, disassembly, reassembly, or temporary storage. These services are optional and vary by company but can increase the total cost.

💡 TIP: With so many variables, the best approach is to collect 2–3 quotes once you’re in escrow so you can compare rates and service levels. If you need referrals to reputable local movers my clients have been happy with, click here.

Deep House Cleaning

Hopefully the seller will have the home professionally cleaned. That’s often the case, but it’s not required. Many sellers only do surface cleaning.

Since the house is empty, you may decide to schedule a deep cleaning before moving in. The typical cost ranges from $250–$500, depending on the size and condition of the home.

Miscellaneous Prep Work

No matter how nice the house is, chances are you’ll want to make a few changes here and there. Maybe replacing a couple of fixtures or taking care of small items the seller didn’t address.

Costs can vary widely, but as a general rule of thumb, it’s smart to budget at least $1,500 for miscellaneous work.

Once the dust settles and you’re fully moved in, the heavy lifting is over. Here are the expenses you’ll have going forward:

Mortgage Payment

Your monthly payment typically includes several ongoing costs:

• Property Taxes: Approximately 1.1%–1.3% of the home’s value annually.
• Homeowners Insurance (annual): Approximately $500 for condos, $2,000 for townhomes, and $5,000+ for single-family homes.
• HOA Dues (if applicable): Condos and townhomes typically range from $400–$800 per month. Single-family home communities often range from $50–$150 per month.
• Home Maintenance Reserves: Plan for ongoing upkeep and unexpected repairs by setting aside funds each month.

Don’t think of it as an expense, it’s an investment. You’re building equity, gaining tax benefits, and future appreciation!

Once you have a handle on the numbers, the next step is finding a neighborhood that actually feels like home. Each area in the Conejo Valley has its own personality, home styles, and lifestyle. Where you buy can matter just as much as what you buy.

Real Example: Buying a Westlake Village Home

Let’s look at a real-world example. Since some costs are based on price and location, we’ll assume:

• Purchase price: $1,200,000
• Single-family home in Westlake Village (Ventura County)
• 20% down payment
• Common inspections
• Local move (under 50 miles)

Full Cost-to-Buy Breakdown

Initial Deposit & Down Payment

Inspections

Loan Fees

What Are Loan Discount Points?

Discount points allow you to buy down your interest rate. One point equals 1% of the loan amount. For an $800,000 loan, one point would cost $8,000 and typically reduce the rate by about 0.25%. Most buyers skip points unless they plan to stay in the home long enough to reach the break-even point, usually 3–5 years.

Escrow & Title Fees

Move-In Expenses

Grand Total Estimate To Buy 1.2M House

Recurring closing costs (interest, taxes, insurance collected upfront) can add another 1.0%–1.5% of the purchase price to your cash to close.