Closing Costs in Florida: What Buyers Need To Know

Dated: March 21 2022

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Closing Costs in Florida- What Buyers Need To Know

If you're thinking about buying a home in Florida, you're probably aware of how much down payment you need saved up. But do you know all about the other closing costs associated with buying a home? Closing costs represent a significant amount of money, so it's essential to understand how much to expect and factor that into your budget.

Finding an affordable home in a hot seller's market can be challenging, but the licensed real estate agents at Curri's Properties can help. If you're thinking about buying a home in Brevard County, keep reading to learn more about buyers' closing costs and how you can save money. 

How Much are Closing Costs in Florida?

Closing costs in Florida vary, depending on the value of your home and where it's located. On average, Florida buyers spend approximately 3% of the purchase price on closing costs. For example, on the average Brevard County home value of $340,000, you should expect to pay around $10,000 in closing costs. Of course, closing costs differ greatly depending on factors such as HOA fees, titles fees, and loan costs. You can save money on certain closing costs by shopping around for lenders and negotiating with the seller. Typical buyer's costs include;

  • Credit report
  • Home inspection
  • Appraisal fee
  • Survey fee
  • Loan origination fees
  • Recording fees
  • HOA fees (if applicable)

Closing Costs on a New Construction Homes In Brevard County

New construction builders are often willing to negotiate with buyers regarding closing costs. For example, many builders will offer discounts or closing credits to buyers who use their preferred title company or preferred lender. This is an excellent option for first-time homebuyers or buyers on a tight budget. 

How to Save Money on Closing Costs in Brevard County

There are some closing costs that cannot be avoided or negotiated. For example, the state of Florida sets title insurance fees — fortunately, the seller is typically responsible for the buyer's title insurance cost in Florida. 

However, the good news for buyers is that some closing costs are negotiable, so you can shop around to find the best deal. Third-party fees, such as an appraisal fee, can be waived in some instances. Your lender may also be willing to offer a "lender credit" to offset some of your closing fees, so it's essential to ask about your options. In addition, sellers can credit up to 3% percent of the purchase price toward the buyer's closing costs. Sadly, although this is extremely helpful for buyers, it's unlikely a realistic scenario in today's seller's market. If you're unsure of how motivated the sellers are, seek advice from your real estate agent.  

It can be useful to note that choosing a closing date at the end of the month can help you save money on prepaid interest; however, you will have a shorter time before your first mortgage payment is due.

Buying a House in Brevard County

One of the best ways to get an accurate estimate of your closing costs is to connect with a local experienced Brevard County real estate agent. The licensed realtors at Curri Properties can help you navigate the entire sales process, from start to finish — whether you're a first-time buyer or a seasoned property investor.  

Click here to connect with a member of our real estate team today and learn more about buying an affordable home in Brevard County. 

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