Buyer's Estimate of Closing Costs

Are you wondering about how much money you should set aside to cover closing costs?

 

If you are in a situation where you have the ability to stockpile cash and it won't affect your timeline to get into a home - Do It! There are a few things you will have to pay for upfront and those are: 1) Earnest Money, 2) Inspection & Related Items.  The rest of the costs will be paid at closing. 

It is said to estimate between 1-3% of the purchase price for closing costs (depending on the loan type). Now, we can ask the seller to "contribute" to your closing costs, but depending on the current market conditions, this may put your offer at a disadvantage in comparison to other offers. So if you have the ability to save up some cash to minimize what you ask the seller to "concede", that will strengthen your offer.