If you’re like most people, you’ll have to finance the purchase of your new home on 30A – and that means you’ll have closing costs to pay on the day you sign the dotted line.
But how much are closing costs, and is there anything you can do to lower them?
Here’s what you need to know.
How Much Are Closing Costs When You Buy a Home on 30A?
On average, closing costs range between 2 and 7 percent of a home’s purchase price. If you’re buying a $250,000 home, your closing costs will be somewhere between about $5,000 and $17,500.
Who Pays for Closing Costs?
Buyers and sellers often contribute to closing costs, but usually, it’s buyers who pay the most. And in some cases, buyers have to pay some of the closing costs before they actually own the home – like the cash paid out for home inspections and appraisals, for example.
What’s Included in Closing Costs?
Every loan is different, but some of the things that count as closing costs include:
- Credit check fees
- Loan origination fees
- Underwriter fees
- Title search fees
- Taxes on the money you’re borrowing
- Home inspection costs
- Appraisal fees
- Attorney’s fees
Your lender will be able to give you a detailed list of all the things you’ll be responsible for paying for as part of your closing costs. The number can change a little, but your loan estimate should be pretty close to what you actually pay.
Sellers are responsible for some of the closing costs, too. Typically, the seller has to pay things like:
- A closing fee, which goes to the title company or the attorney’s office where you’ll sign the final paperwork
- Taxes on the sale of the home
- Attorney’s fees
- A title transfer fee
- Real estate agent commissions, which are usually about 4 to 7 percent of the home’s sales price
Search 30A Homes for Sale Now
Can You Lower Your Closing Costs?
You may be able to negotiate some of your closing costs, which can save you money on closing day. Here’s what you can do:
- Ask your lender if it has a loyalty program, which can mean reduced origination fees and other fees
- See if you can close at the end of the month so you can avoid paying per diem interest on your loan on closing day
- Ask the seller to pay some of the closing costs
- Find out whether you can include your closing costs in your loan
While these strategies don’t work for everyone – every loan product and every lender is different – they’re all worth a shot if you’re trying to save a little cash before you move into your new home.
Are You Buying a Home Along 30A?
If you’re thinking about buying a home for sale on 30A, we can help you. Sign up for exclusive access to the hottest listings – we’ll notify you as soon as homes that meet your needs hit the market!
You can also check out all our 30A real estate listings or get specific with these links:
- Alys Beach homes for sale
- Destin homes for sale
- Grayton Beach homes for sale
- Panama City Beach homes for sale
- Santa Rosa Beach homes for sale
- WaterColor homes for sale
