Buying a home is a complex process, so today we’ll be breaking down an important aspect of it: closing costs.
As a continuation into our recent series of messages on closing costs, today we’ll discuss what closing costs buyers can expect to pay. In Charleston, a buyer’s closing costs will generally amount to between 2.5% and 3% of the total purchase price.
This amount includes individual expenses like escrow fees, appraisal fees, and banking fees. Insurance is also sometimes considered a closing cost, but is also sometimes counted as a prepaid expense.
In South Carolina, buyers are generally expected to pay one year’s worth of home insurance and flood insurance upon closing. Keep in mind, though, that our team may be able to help you avoid some of these expenses by negotiating for the seller to pay them (or a portion of them) instead.
If you have any other questions or would like more information, feel free to give us a call or send us an email.