Understanding Closing Costs When Buying a Home in New York
One of the biggest surprises for many first-time homebuyers in New York is the cost of closing. Beyond the down payment, closing costs include a range of fees and expenses that buyers must pay to finalize their purchase. These can add up to thousands of dollars, so understanding them in advance is essential for smart budgeting.
Closing costs in New York typically include attorney fees, title insurance, mortgage recording taxes, and appraisal charges. Buyers should also expect bank-related fees, such as loan origination or underwriting costs. For those purchasing co-ops or condos, additional building fees may apply, including application and move-in charges.
On average, closing costs in New York range between 2% and 5% of the purchase price, depending on the property type and financing. For example, a $700,000 apartment could come with $20,000–$35,000 in closing expenses. Planning ahead helps avoid last-minute stress and ensures you’re financially prepared.
Working with an experienced realtor can help buyers navigate these expenses and even negotiate certain fees. Realtor Mamun regularly guides clients through the home buying process in New York, ensuring they understand every step before signing. With the right preparation and professional support, closing costs don’t have to be overwhelming—they can simply be another step toward owning your dream home in New York City.