Closing Costs: What You Need to Know When Buying a Home

negotiating closing costsIf you are looking at homes for sale in Woodstock and Alpharetta, it’s easy to get caught up in the thrill of finding The One. But don’t forget to take closing costs into consideration when searching for your dream home.

What are closing costs?

The real estate term “closing costs” comprises a number of major and minor fees that go along with a home purchase, from closing commissions and title charges to government filing fees and survey fees. These costs can add up to anywhere from 3 to 5 percent of the loan amount, but don’t think you can clean out your savings to cover the costs. Some lenders require you to have a certain amount of savings in reserve, so you don’t want to count on that.

How can you avoid closing costs?

In some cases, you may be able to avoid paying closing costs by asking the seller to pay them. However, you should discuss this and other negotiations with your Realtor beforehand. Sometimes the seller will be amenable to such a concession, but if the sellers have received multiple offers, they are unlikely to consider your request and you could end up losing out.

If you are searching homes for sale in Woodstock or Alpharetta, contact The Premier Group today. Our Keller Williams Realty agents have years of experience in the Alpharetta and Woodstock real estate markets. Let us help you navigate the home buying process from start to finish, including advising you on negotiating closing costs and other concessions. 

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