How Much Do NYC Home Buyers REALLY Pay in Closing Costs?

Learn how buyer closing costs in NYC vary by property type (condo vs. co-op, etc.), price point and whether or not you're financing in this video.

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I’m Nick at Hauseit (https://hauseit.com). Give us a shout if you're looking to buy sell or rent in New York City, Long Island, Westchester, the Hudson Valley or here in South Florida. We can save you money when buying, selling or renting. So, check out our website https://hauseit.com to learn more or send us an email to team@hauseit.com.

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So, how much are buyer closing costs in New York City? Well, buyer closing costs range from 1.5% to 6%. Buyer closing costs are going to be the highest for new development properties such as your typical new development condo in New York City that's when you're going to get a closing cost figure closer to six percent. Now, buyer closing costs are going to be the lowest for co-op apartments and we'll explain why shortly.

Meaning that your typical buyer closing cost bill is going to be a little bit higher for condos compared to co-ops and as we've previously mentioned, new development condos, new development properties, you're going to pay the highest closing costs out of any of the property types here in New York City closing costs also do vary based on the price point as well explained shortly. So, the largest buyer closing costs consists of the mortgage recording tax as well as the mansion tax. The mortgage recording tax is 1.8% to 1.925% of your loan size and the mansion tax ranges from 1% to 3.9% of your purchase price depending on the notional or price point of the home that you are buying, the more expensive the property is the higher tax bracket you will have to pay for the mansion tax.

Other large closing costs include title insurance for condos and houses as well as real estate attorney fees as well as fees associated with obtaining a mortgage. So, if you are looking for a detailed estimate of your buyer closing costs in New York City, visit https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/.

If you are looking to buy a new development, we have an even more detailed buyer closing cost calculator which you can utilize, which goes into all of the specifics with respect to the nuanced additional closing costs associated with a new development: https://www.hauseit.com/new-development-closing-cost-calculator-nyc/

The easiest way to reduce your buyer closing costs in New York City is by receiving what's called a buyer agent commission rebate from your buyer's agent. A buyer agent commission rebate is when your buyer's agent receives a commission from the seller and instead of keeping the entire commission, actually gives you back some portion of that upon closing. So, if you think for your typical new development condo, say, in Gramercy, you're talking about a $5 million with a buyer agent commission of 3% that is a $150,000 commission that the developer is paying to the buyer's agent.

Now, with a Hauseit Buyer Closing Credit, for example which is our version of a buyer agent commission rebate in New York City, of that $150,000, we would give you back $100,000 in the form of a credit at closing or a check post-closing.

The point is you don't want to pass on a hundred thousand dollars or miss out so in order to save money, you need to work with a buyer's agent who will offer you a buyer agent commission rebate. We make that very easy at Hauseit through our Buyer Closing Credit program. We'll connect you with an agent who's already agreed to offer you up to two percent or more of the purchase price back upon closing. You don't have to negotiate or haggle over it and you still receive the same traditional full-service experience that you would hopefully and rightfully expect particularly if you're buying a very expensive luxury new development condo or a pricey brownstone in the city.
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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
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