How Much Are New Construction Closing Costs in NYC? | Hauseit®

How Much Are New Construction Closing Costs in NYC: https://www.hauseit.com/new-construction-closing-costs-nyc

Save 2% When Buying Real Estate in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/

New construction closing costs in New York City for buyers are 4% to 6% of the purchase price. A typical financed buyer on a new development condo purchase in New York City will pay closer to 6% in total closing costs.

Buyer closing costs for new construction are higher than for traditional resales in NYC.

The extra buyer closing costs for new construction include the following:

• New York City Transfer Tax of 1% to 1.425%
• New York State Transfer Tax of 0.4% to 0.65%
• Sponsor Attorney, Documen t Prep and Closing Fees
• Working Capital Capital Contribution and Super Apartment Contribution, if applicable to the new development you’re considering

You can estimate your New Construction Closing Costs in New York City using Hauseit’s Interactive New Development Closing Cost Calculator for Buyers.
You can also save up to 2% on your purchase by requesting a Hauseit Buyer Closing Credit.
To learn more, visit wwww.hauseit.com

Are New Construction Closing Costs in NYC Negotiable?

The negotiability of new construction closing costs varies by development. Developers will usually show little or no wiggle room on sponsor closing costs if a building’s sales are healthy and progressing on time.

If on the other hand a new development has a large number of unsold units and the market is soft, a developer may be willing to cover all new construction related buyer closing costs and possibly offer additional incentives.

The most commonly negotiated closing costs for new construction in NYC include the New York City and New York State Transfer Taxes as well as sponsor attorney, document and closing related fees.

In an especially weak market, a developer may also be open to covering a buyer’s Mansion Tax or perhaps some number of months or years of common charges or real estate taxes. A developer may also offer to include a storage unit (or less commonly, a parking spot) at no cost depending on the attractiveness of your offer terms and general market conditions.

New construction related closing costs are payable in addition to all other standard buyer closing costs in NYC, which include the following:

• Mortgage Recording Tax of 1.8% to 1.925%
• Mansion Tax of 1% to 3.90%
• Title Insurance of 0.4% to 0.5%
• Purchaser’s Attorney Fees
• Bank Related Fees, as well as
• Building & Filing Fees

Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
.
.
Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
_
#hauseit #hauseitnyc