Long Beach Island NJ Real Estate Market Buyer Closing Costs
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Buyer Closing Costs in the Long Beach Island Real Estate Market 
Buyer Closing Costs in the Long Beach Island Real Estate Market 
Buyer Closing Costs in the Long Beach Island Real Estate Market
Long Beach Island Real Estate Buyer Closing Costs
Before buying a home in the LBI NJ real estate market, understanding the total needed investment is very important. Most buyers on Long Beach Island understand the well known costs, such as a down payment for a mortgage, but additional costs in the way of closing costs need to be understood.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Buyer Closing Costs in the Long Beach Island Real Estate Market
Often, buyers are surprised at the total amount of closing costs in the LBI real estate market. While closing costs make up a small percentage of the total sales price of a home, they do add up. Therefore, buyers should understand what they are and what to expect before entering into a transaction on Long Beach Island. Closing costs typically include:
Mansion tax
Attorney fees
Title insurance
Home inspection costs
Survey and flood elevation certificate
Government recording costs
Appraisal
Lender origination fees
Underwriting Fees
Of all the costs above, the mansion tax is usually one of the largest and least expected. This fee amounts to 1% of the total sales price when a transaction is over $1,000,000. Since the vast majority of homes in the LBI real estate trade over $1,000,000, this is a closing cost that we see in most deals. Attorney fees will vary but usually range from $1,500-$2,500, depending on the complexity of the transaction. Home inspection costs will usually be in the $1,000 range, as will a typical survey and flood elevation certificate. Lender fees are a little harder to estimate and must be reviewed with a lender. Title insurance will usually be around 0.5%-1% of the sales price. Keep in mind that the above numbers are only a rough estimate, and every transaction in the LBI real estate market is unique. Closing costs should be reviewed with the closing agent, mortgage lender, title company, etc., to ensure as accurate a number as possible.
Long Beach Island NJ Real Estate Market Buyer Closing Costs
As you can see, closing costs can add up quickly. A typical transaction in the LBI real estate market can routinely see closing costs totaling around 2% of the sales price of a home. That is a significant amount of money and should be accounted for when budgeting for a home in the LBI real estate market. For more information about buying, selling or investing in the Long Beach Island real estate market please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
More LBI Real Estate Information:
The Hidden Costs of Buying a Home in the Long Beach Island Real Estate Market