How Much Are Closing Cost When You Buy a Home?

Hey, guys. What's going on? It's Chris Hoffman over here at Lehigh Valley Just Listed and lehighvalleyjustlisted.com. Today, I would like to try to answer a few questions for you about closing costs. If you are looking to buy a home, you're going to have closing costs. What are they? How much do they cost? Do you have to pay them?

All right. So, closing costs in Pennsylvania typically run between five to 6% of the purchase price. So just some quick math on a $200,000 house, that could be between $10,000 and $12,000 is what your closing costs would be. So what are closing costs? All right. So, you have to get title insurance, which protects your home. Title insurance is required in Pennsylvania and when you get a mortgage. You also have to pay the first year of property taxes on the home and the first year of homeowner's insurance on the home. There are some lender fees, and there are some notary fees. All those things combined will be your closing cost.

Yes, typically it's on you, the buyer. That's part of the total amount of money that you're going need to buy a home. In some circumstances, depending on the situation and depending on the motivation of the seller, there are some times when you can negotiate to get the seller to help you to pay some of your closing costs. It all depends on market conditions, how long the home has been on the market. You know, it's completely negotiable and it's something that has to be determined.

But generally speaking, if you're looking to buy a home, you want to make sure that you have money set aside for your down payment and also for your closing costs. It's very important because these are the funds that you'll need to buy a house. Buying a home is a very large purchase and closing costs are something that you definitely want to consider.

All right. Lehighvalleyjustlisted.com. Check us out. Lehigh Valley Just Listed Real Estate. We cover all of the Greater Lehigh Valley and beyond, to infinity and beyond. 610-533-4549. Chris Hoffman ove here at Lehigh Valley Just Listed. 610-533-4549. Hey, if you have questions and you're thinking about buying a home, give me a call. I'd be more than happy to explain things to you, go over things with you. We can even set an appointment. So check us out at lehighvalleyjustlisted.com.