Here is what you can expect from closing costs when buying a house.
How much are the closing costs on a home purchase? We get this question a lot, so I wanted to address it today.
We recommend you budget 3% of the purchase price for closing costs. This means if you buy a $300,000 house, set aside an additional $9,000. These costs include a few things:
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The inspection fee. You’ll have to hire an inspector to examine the house and identify any underlying issues with it.
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Lender fees. This is for underwriting your loan and appraising the house.
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Title fees. These fees ensure the home’s title is good and that it transfers over to you.
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Attorney fees. You’ll have an attorney guiding you throughout, so there will be a fee for that as well.
These aren’t all of the fees, but it is some of the bigger ones. You might’ve noticed there is no brokerage fee. Usually, all commissions are paid for by the seller, so you don’t need to worry about it as a buyer.
If you have any questions about this or other real estate topics, feel free to give us a call. We’d love to give you a more detailed explanation.
