Closing costs encompass a variety of fees paid during the finalization of a real estate transaction. They can range from 2% to 7% of the home's purchase price, which for a median-priced home of $449,000, could mean an additional $8,980 to $31,430 in costs. These expenses often include loan-related fees, as well as charges for necessary services like appraisals and title searches. Buyers and sellers have their own closing costs, and understanding these can help alleviate surprises at closing.
Closing costs can add thousands of dollars to the true price of buying a home, often catching buyers off guard despite their careful planning.
Closing costs typically range from 2% to 7% of a home purchase price, which can amount to over $30,000 for median-priced homes.
Understanding what's included in closing costs is crucial; expenses like loan fees, appraisal, title work are essential but often underestimated.
Buyers should prepare for potentially needing a total of $53,880 to $121,230 in liquid cash when buying a home due to closing costs.
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