Does anybody know if the closing costs are less if you buy a brand new house? Thanks
skew
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Re: Brand New Home and Closing Costs
i may be wrong, but isn't it based on the price of the home? i don't think age is a factor. be advised (i am sure that you are aware) that taxes on new homes are A LOT higher than those of older homes.
februarybride
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Re: Brand New Home and Closing Costs
At least in NY, closing costs on a brand new home are MUCH higher than if you were closing on a resale. When you close on a brand new home, you pay the builder's transfer taxes. So it's about 2x the cost of a resale closing.
skew
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Re: Brand New Home and Closing Costs
Posted by februarybride
At least in NY, closing costs on a brand new home are MUCH higher than if you were closing on a resale. When you close on a brand new home, you pay the builder's transfer taxes. So it's about 2x the cost of a resale closing.
WHAT??? this is insane! higher taxes and higher closing costs?????
dcwife
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Re: Brand New Home and Closing Costs
I actually had no clue- we are just starting to get ready to start looking so it is all new to me.
dcwife
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Re: Brand New Home and Closing Costs
Why are taxes higher on a new home. Isn't it based on the cost of the house?
februarybride
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Re: Brand New Home and Closing Costs
I didn't think the taxes were higher on a new home. I live in Staten Island and new homes are tax abated for 8 years when they are built new. Is that not the case everywhere in NY?
skew
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Re: Brand New Home and Closing Costs
i dont have a total understanding, but i do know that new homes on LI are taxed higher than similar sized older home in the same neighborhood. something about how they are assesed whereas older homes are based on a % increase of the previous year.
