Buying a house in can be an exciting and nerve-wracking experience. On one hand, you’re excited about finding the perfect home in a city that you love. But on the other hand, there are so many things to think about and consider – one of which is how much will closing costs in Atlanta be.
Closing costs in Atlanta are the fees and expenses that are paid at the closing of a real estate transaction. These fees are in addition to the purchase price of the home and can vary depending on the location and the type of home you’re buying. In this blog, we’ll take a look at five things you need to know about closing costs when buying your new home in Atlanta.
1. What are closing costs?
Closing costs are the fees and expenses that are paid at the closing of a real estate transaction. These fees can include things like appraisal fees, title search fees, recording fees, and attorney fees. They are typically paid by the buyer but can sometimes be split between the buyer and the seller. In the state of Georgia, the seller typically is only responsible for the transfer of title fee, which is minimal. The buyer does take on the brunt of closing costs as the buyer’s lender is the one with most of the fees. Make sure you know exactly what you are responsible for when making an offer and if you don’t want to have to pay all of your closing costs in Atlanta, discuss this with your REALTOR®. Chris Hassler with ATL Real Estate services would be more than happy. Reach out to us today at 404-439-9984 or click here to be directed to our website.
2. How much are closing costs in Atlanta?
Closing costs in Atlanta can vary depending on the price of the home, the location, and the type of loan you’re using to finance the purchase. According to Zillow, the average closing costs for a home in Atlanta are around $5,000. However, this can vary depending on the specific circumstances of the transaction. Is the seller covering any of the closing costs? Does your lender require more items than the average lender? What are the application fees and appraiser fees? All of this can really start to add up. Typically though, as the buyer, you can expect to spend around 3% of the purchase price in closing costs.
3. What fees are included in closing costs?
Closing costs can include a wide variety of fees and expenses. Some of the most common fees included in standard closing costs are:
– Appraisal fees: This fee is paid to the appraiser who assesses the value of the home.
– Title search fees: This fee is paid to the title company, which searches the public records to ensure that the seller has a clear title to the property.
– Recording fees: This fee is paid to the county recorder’s office to record the deed and other documents related to the sale.
– Attorney fees: This fee is paid to the attorney who represents the buyer or seller in the transaction.
– Loan origination fees: This fee is paid to the lender who processes the loan and prepares the necessary paperwork.
All of these above items can vary in price pending the lender and/or attorney. Be sure to speak with your REALTOR® when discussing putting down an offer (or accepting an offer on your home) so that you know exactly what to expect at the closing table.
4. Can closing costs be negotiated?
In some cases, closing costs can be negotiated between the buyer and the seller. For example, the seller may be willing to pay some of the closing costs in order to close the sale faster. Additionally, some lenders may be willing to waive certain fees or offer discounts on closing costs in order to attract new customers. The idea of negotiating on these costs will really depend on what the market is doing at the time that you’re looking to buy or sell. Speaking with a licensed REALTOR® is a great first step in knowing what to expect. If you dont have one yet, reach out to ATL Real Estate Services at 404-439-9984 and ask to speak with Chris. We’d love the opportunity to help guide you through the process.
5. How can you prepare for closing costs?
One of the best ways to prepare for closing costs is to budget for them ahead of time. Talk to your lender and your real estate agent to get an estimate of how much closing costs will be for your specific transaction. Additionally, you may want to consider negotiating with the seller or the lender to see if you can reduce some of the fees at the closing table.
Closing costs are an important consideration when buying a new house in Atlanta. By understanding what they are, how much they cost, and what fees are included, you can better prepare for this expense and ensure that you’re able to close on your dream home without any surprises. If you have questions about closing costs in Atlanta or any other part of the home-buying process, don’t hesitate to reach out to our team at 404-439-9984!
