I Want to Explain Closing Costs to My Buyers

By Diana Dodd, REALTOR® | ERA American Suncoast Realty

Closing costs in Citrus County are one of the biggest surprises for home buyers. Most buyers focus on the down payment first. Then they realize there are additional costs involved before getting to the closing table.

Let me explain what buyers should expect.

What are closing costs?

Closing costs are the fees that come with buying a home. These costs are separate from your down payment and are paid at closing.

Some of the most common closing costs include:

• Lender fees
• Appraisal
• Title work
• Recording fees
• Taxes and insurance setup
• Inspection costs

Not every buyer will pay the same amount. However, these are some of the most common expenses buyers see.

How much are closing costs?

Closing costs typically range between 2% and 5% of the purchase price.

For example:

A $200,000 home may have closing costs between $4,000 and $10,000.

The total can vary depending on:

• Loan type
• Property taxes
• Insurance costs
• Negotiated seller concessions

Because of this, it helps to understand these costs early in the process.

Can the seller help with closing costs?

Yes, sometimes the seller can help.

Buyers often request seller concessions as part of the offer. When this happens, the seller agrees to contribute toward the buyer’s closing costs.

This can reduce the amount of cash needed at closing. As a result, this option is especially helpful for first-time home buyers.

If you are also exploring financing options, you may want to review:

• VA Loans in Citrus County
• USDA Loans in Citrus County
• Conventional Loans for Buyers

These options can also impact how much you bring to closing.

When are closing costs paid?

Most closing costs are paid at closing. However, some costs such as inspections or appraisal may be paid earlier in the process.

Your lender will also provide a Loan Estimate so you can see expected costs before closing. You can learn more about closing costs from the Consumer Financial Protection Bureau here:
https://www.consumerfinance.gov/owning-a-home/closing-disclosure/

The bottom line

Closing costs are a normal part of buying a home in Citrus County. However, understanding them early helps buyers avoid surprises and plan ahead.

If you are thinking about buying a home, I am happy to walk you through what closing costs may look like for your situation.

Understanding the process ahead of time makes buying a home much easier.