The Real Deal New York

These two states have the highest closing costs for million-dollar buyers

Fees add up to about 0.7 percent of property’s cost in New York and Texas
August 31, 2018 11:35AM

(Credit: iStock)

If you’re buying a multimillion dollar home in New York or Texas, make sure you budget enough for closing costs.

Buyers in those two states pay the highest closing costs on average, according to Mansion Global. Fees on single-family homes that sell for at least $1 million add up to almost 0.7 percent of the cost in both states.

The highest average closing costs were in Manhattan, where buyers paid $19,520 on homes for more than $1 million. The data was based on single-family home deals between October 2017 and March 2018 and did not include transfer taxes.

The county with the highest percentage was Long Island’s Nassau County, where the average closing fees of $13,457 were close to 0.8 percent of the home’s sale price. Buyers in Suffolk, Queens, Brooklyn and Westchester County all paid more than $10,000 in fees at closing.

The cheapest place to buy million-dollar properties is St. Louis, Missouri, where closing fees average $3,238 and equate to just 0.22 percent of the home’s price. North Carolina homes were on the cheaper side as well, with average closing costs of just $4,261. [Mansion Global] – Eddie Small