Costs To Consider When Buying A Home

July 21st, 2008 by Jake

So you’ve found the home of your dreams. The neighborhood is perfect and you’re ready to sign on the dotted line. However, you’ll need to keep in mind the closing costs, which can become a bigger problem than you may have expected.

In a slow market, buyers find themselves in a much stronger position to negotiate who actually pays the closing costs involved in the purchase of a home. It is becoming much more common for both the seller and buyer to share the closing costs, particularly when dealing with a highly motivated seller.

Closing costs in general are less than 2 percent of the total price of the home. However, when you consider that your $400,000 home will cost you well over $6,000, those costs can become prohibitive. Costs include taxes and fees surrounding the issue of your home loan. While these are your responsibility to cover if no agreement is in place with the seller, you can easily work a cost sharing agreement into your contract.

Sharing the cost of closing with the seller can be a great way to enjoy significant savings the next time you buy a home on the North Shore Chicago Real Estate market.

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