How much to budget for closing costs for high rise condo
Buyers: 2 to 4 percent of the cost of the apartment
A good rule of thumb is to set aside roughly 2 to 3 percent of the purchase price or 3 to 4 percent if the apartment is over $1 million.
Closing costs will be higher if you’re buying a condo over a single-family home. First off, you’ll have to cover title insurance. The state determines rates for the insurance itself, and there are also various administrative charges, so expect to spend about $3,000 to $4,000. Please Co-ops don’t require title insurance, since technically there’s no transfer of title for real property, since you’re buying shares in a corporation.
Secondly, if you need a mortgage to buy a Boston high rise condo , expect to pay $2,000 to $3,000 for bank fees, including your bank attorney’s fees and an appraisal, which may start at $500 and climb quite a bit higher, depending on the purchase price. You’ll also have to cover a mortgage tax of 1.925 percent for loans over $500,000 or 1.8 percent for loans under $500,000. Again, this only applies to condos.
The last big charge is for attorney’s fees, which vary quite a bit, but tend to range from $2,000 to $5,000 for lawyers who specialize in real estate deals.
Sellers: 8 to 10 percent
Sellers can expect to pay a lot more than buyers, largely because they have to cover the brokers’ commission, which is traditionally 4-6 percent (split equally between the listing and buyer’s brokers). (Though when the market is in a cycle that favors sellers, it’s more possible to negotiate this down to around 4%.)
Boston high rise condos
Back Bay high rise condos for sale
Beacon Hill high rise condos for sale
Charlestown Boston high rise condos for sale
Charlestown Navy Yard high rise Boston condos for sale
Fenway Boston luxury high rise condos for sale
Financial District luxury high rise condos for sale
Highrise Boston luxury condos for sale
Little Italy Boston condos for sale
Midtown/Downtown luxury high rise condos for sale
North End Boston luxury condos for sale
Seaport District high rise condos for sale
South Boston high rise luxury condos for sale
Waterfront Boston luxury condos for sale
West End Boston condos for sale
Beacon Hill luxury condos for sale