How To Reduce Your Buyer Closing Costs When Purchasing a Townhouse in NYC

The easiest way to reduce your closing costs when buying a townhouse in New York City is to request a Hauseit Buyer Closing Credit: https://www.hauseit.com/buyer-closing-credit/

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Visit https://hauseit.com, send us an email to [email protected] or give us a call: (888) 494-8258 to learn more. Established 2014.

Save 6% When Selling in NYC: https://www.hauseit.com/agent-assisted-fsbo/
1% Full Service Listing: https://www.hauseit.com/1-percent-full-service/
Hauseit Rental Listing Service: https://www.hauseit.com/rental-listing-service/

If you're watching this video, you may be looking to buy a townhouse and so, you're probably aware that the typical buyer of a townhouse in New York City pays between 2% to 4% in buyer closing costs. This is a ton of money when you consider the fact that your typical townhouse in New York City is really expensive. So, for something around $5 million, we’re talking about $200,000 in closing costs.

One way to reduce your buyer closing costs in New York City is to receive a buyer agent commission rebate from your buyer's agent. At Hauseit, we offer this through our Hauseit Buyer Closing Credit Service.

We pair you with one of our traditional buyer's agents who helps you throughout the process from start to finish much like any other buyer's agent will in New York. The difference is that at closing, instead of the buyer's agent keeping all of the commission paid by the seller, we'll actually credit you back up to two-thirds of the amount of money paid in commission by the seller.

Request a Hauseit Buyer Closing Credit: https://www.hauseit.com/buyer-closing-credit/

Here’s an example: On a $5 million purchase, a 3% buyer agent commission equates to a $150,000 commission which is paid to your buyer's agent. A normal buyer's agent will keep all $150,000 in commission and possibly by you a $50 box of chocolates or bottle of wine as a closing gift.

Through a Hauseit Buyer Closing Credit, we will credit you back in this particular example up to $100,000 in the form of either a credit at closing which would reduce the amount of money you have to bring to the closing table or in the form of a check post-closing. Whichever method you choose is up to you.

Another way to reduce your buyer closing costs when purchasing a townhouse in New York City is simply to lower your budget. The Mansion Tax in New York City is now a progressive tax structure which has many different tax brackets. So, if for example you were thinking about spending say $3.25 million, if you're able to go down to say, $2.95 million, that will take you down in terms of the mansion tax threshold. You'll go from 1.5% down to 1.25% in terms of your Mansion Tax bracket.

Another way to reduce your buyer closing costs on a townhouse in New York City is to consider paying all cash or to simply put down more money. The reason why this matters is because one of the largest buyer closing costs for a townhouse is the Mortgage Recording Tax, which is based on your loan size. Naturally, no mortgage means no Mortgage Recording Tax.
.
.
https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
_
#hauseit #hauseitnyc #hauseitmiami #hauseitsouthflorida #hauseitlongisland #hauseithudsonvalley #hauseitwestchester #hauseitrealestate #hauseitre