Are you Ready to Buy a Home? Read This First to Avoid Surprises in Closing Costs!

Buying a home in Massachusetts is an exciting journey, but it's crucial to understand all the costs involved – especially the often-overlooked closing costs. David Lenoir from Coldwell Banker Realty and Rick Waldron of Guaranteed Rate Affinity recently shared their insights to help first-time buyers navigate these expenses.

Closing costs are the various fees and expenses you pay at the closing of your home purchase, beyond the down payment. In Massachusetts, these typically range from 2% to 5% of the home's purchase price. For a $500,000 home, you might budget between $10,000 to $25,000 for these costs.

What do these costs include? Expect lender fees like loan origination fees, third-party fees such as appraisals and attorney fees, and title insurance to protect against past ownership claims. Additionally, there's a transfer tax, usually paid by sellers, to the county.

A common question is about agent fees. Typically, the seller covers the commission for both the listing and buyer's agents. However, arrangements can vary, so clear communication with your agent is essential. 

Remember, some of these fees are negotiable. Working with experienced professionals like David and Rick can help you understand and navigate these costs effectively.

Don't let closing costs catch you by surprise. Be informed, prepared, and ready to find your dream home in the Massachusetts real estate market.

For more information, DM me or call 781-734-7098.

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