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closing costs for new developments

Started by pechew
over 18 years ago
Posts: 70
Member since: Mar 2007
Discussion about
How much do I save in closing cost if I buy an older apartment as apposed to buying a new one?
Response by anonymous
over 18 years ago
Posts: 227
Member since: Jan 2007

about 2% of property costs are added to new developments - so that's the difference.

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Response by anonymous
over 18 years ago
Posts: 400
Member since: Apr 2007

2%??? I'd say closer to 5% for a new condo, particularly if north of $1MM.

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Response by anonymous
over 18 years ago
Posts: 227
Member since: Jan 2007

#2 here - I am saying additional costs - it is about 2% to 3% for existing condos. . . .so the additional 2 (percentage points) amount I noted gets you to 5% for a new development. So probably in sum, a new development's costs are close to 5% of the property cost.

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