What Are Closing Costs When Buying a Home for Sale in the greater Las Vegas Area?

Iʼm here today to answer the question what are closing costs? You know if this is the first time you’ve ever purchased a home or you haven’t purchased one in many years, you may look at this and say I don’t really know. You know we have $350,000 in our budget to buy a house. So does that mean we can buy a $350,000 home, probably not, but it’s important to ask the question, what are closing costs? Because there are additional fees on top of just the sales price of the home. I think it’s also very relevant because when you’re in the negotiation process for buying or selling a home, oftentimes one of the negotiation points might be to contribute to closing costs. But the question is. What are they and which ones are real and all? Which ones are legitimate and or is it possible that some are fluff? absolutely. Especially if you’re buying a brand new home, it’s absolutely possible that a builder can throw in additional closing costs just to increase their profit margin, but that’s pretty rare, but it does happen so. Let’s examine what are some different closing costs. The biggest closing costs that you are going to experience when you purchase a home are going to be the cost to acquire the loan and your title fees, so those are going to be the two largest costs in the Vegas Area. Also keep in mind traditionally, the seller pays your Realtors fees, so you’re not going to be stuck with that bill, but a good rule of thumb to understand is that your total closing costs should be right around 1%-2% of the sales price of the home action. So that’s all connected to the mortgage and the the title fees and all those fees. Associated with that, what are some examples of some other ones, like a home inspection might be one? absolutely. Now a lot of these costs are going to come out of pocket. So for example, your appraisal fee will likely come out of pocket and will not be wrapped up into the loan. Your inspection fees will probably come out of pocket and won’t be wrapped up into loan, so. You need to understand there are fees that will pay out of pocket their fees that you can absolutely include in your loan and then there are fees that you can ask the seller to pay for when you buy your home. So I understand it can be a little tricky. It can be a big forest of trees to try and navigate through, but that’s OK, just remember- that as long as you hire a competent real estate professional, they’ll be able to help you navigate those waters to understand what your closing costs are. And are they fluff or are they real? So if you would like a copy of a settlement statement that breaks down all of the fees that you will likely incur when you purchase a home, let us help you!

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