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Old 08-12-2012, 05:10 AM
 
Location: Jupiter
1,108 posts, read 4,032,686 times
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Can anyone give me an idea as to what the closing costs should be on new home construction in south Florida......I have been given estimates of $12 - $14 thousand dollars on a $400,000 home......
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Old 08-12-2012, 06:51 AM
 
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That seems high, but if there are special assessments it could be about right.
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Old 08-13-2012, 11:35 AM
 
Location: Lake Mary, Florida
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I use a general rule of 1 to 1.5 percent on a cash closing and 3 to 4.5% closing cost involving a loan above the loans down payment. But many variables can come into play like taxes, hoa funding fees, any CCD's, builder paid closing cost etc...

So without knowing the details it's a bit foggy, what comments does your Realtor have on the issue?

Hope this helps,
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Old 08-13-2012, 01:00 PM
 
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Quote:
Originally Posted by rusty78 View Post
Can anyone give me an idea as to what the closing costs should be on new home construction in south Florida......I have been given estimates of $12 - $14 thousand dollars on a $400,000 home......
Shop around. That's a horrible estimate.

I paid about 1.2 percent closing costs (including doc stamps)
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Old 08-13-2012, 01:06 PM
 
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I wonder if there's a steep CCD or similar?
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Old 08-14-2012, 04:57 AM
 
Location: Jupiter
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Broker Dave seems to be right on target...I have had several people tell me that they have paid the same in one way or the other...some have been supplemented by the builder paying some or the builder giving them a credit...it is kind of hard to determine what another bank would charge...for they all want you to fill out some paper work and then they will only give you a guest-a-mit....

As far as price...we are looking at about $420K...without the pool which I am sure will be at least $50K...the builder...Kolter...is offering $5000 towards closing costs and then another $30K in allegedly free upgrades...of course we will be financing about $150K...it is the $5K in closing costs that keeps buyers with their lender...
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