Leave a Message

Thank you for your message. We will be in touch with you shortly.

Buying a Home in Westlake Village or Thousand Oaks? Don’t Forget Closing Costs!

buying a home

Buying a Home in Westlake Village or Thousand Oaks? Don’t Forget Closing Costs!

Ready to Buy a Home in Westlake Village or Thousand Oaks? Here's What You Need to Know About Closing Costs

Now that you've made the exciting decision to purchase a home in Westlake Village or Thousand Oaks, it's essential to plan for all the costs involved in the homebuying process. While your down payment is likely top of mind, it’s important not to overlook closing costs. These expenses can add up and may catch you off guard if you're not prepared.

Here's what you need to know to make your home buying journey smooth and successful.

What Are Closing Costs?

Simply put, your closing costs are the additional fees and payments you have to make at closing. And while they’ll vary based on the price of the home and how it’s being financed, every buyer has these, so they shouldn’t be a surprise. It’s just that some people forget to budget for them. According to Freddie Mac, this part of the homebuying process typically includes: 

  • Application fees
  • Credit report fees
  • Loan origination fees
  • Appraisal fees
  • Home inspection fees
  • Title insurance
  • Homeowners insurance
  • Survey fees
  • Attorney fees

Some of these are one-time expenses that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home.

Teri Pacitto Avant ONE Real Estate Luxury Realtor

How Much Are Closing Costs? 

The same Freddie Mac article goes on to say: 

“Closing costs vary greatly depending on your location and the price of your home. Typically, you should be prepared to pay between 2% and 5% of the home purchase price in closing fees.”

With that in mind, here’s how you can get an idea of what you’ll need to budget. Let’s say you find a home you want to purchase at today’s median price of $422,600. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $8,452 and $21,130.

 But keep in mind, if you’re in the market for a home above or below this price range, your numbers will be higher or lower.

Tips To Reduce Your Closing Costs

If you’re wondering if there’s any way to inch that down a little bit, NerdWallet lists a few things that could help: 

  • Negotiate with the Seller: Some sellers are willing to cover part or all of these expenses — especially since homes are staying on the market a bit longer now. Sellers may be more motivated to compromise, and you’ll find you have a bit more negotiation power. So don’t hesitate to ask them for concessions like paying for the home inspection or giving you a credit toward closing costs.
  • Shop Around for Home Insurance: Since rising home insurance is a challenge in many areas of the country right now, take the time to get a clear picture of all your options. Each insurance company offers their own policies and coverage, so get multiple quotes and see how they compare. Choosing a policy that provides reliable coverage at a competitive rate can make a difference.
  • Look into Closing Cost Assistance: Just like there are programs out there to help with your down payment, options exist to get support with closing costs too. While they’ll vary by area, there are programs for various income levels, certain professions, and specific towns or neighborhoods too. If you want to learn more, Experian says:
“Your real estate professional should be able to steer you toward applicable programs, and the U.S. Department of Housing and Urban Development (HUD) maintains a helpful resource for finding homebuying assistance programs in every state.”

 

Planning for the fees and payments you'll need to cover when you're closing on your home is important – and it doesn’t have to be a big surprise. 

Ready to make your dream home in Westlake Village or Thousand Oaks a reality? Let’s ensure you’re fully prepared for every step of the process, including closing costs. Contact us at Avant ONE Real Estate today for expert guidance and personalized service. We’re here to make your home buying journey seamless and stress-free. Your dream home is just a call away!

Recent Blog Posts

Stay up to date on the latest real estate trends.

Pricing your home

Why Only a Local Expert Can Accurately Value Your Westlake Village or Thousand Oaks Home

Avoid Common Pitfalls: Discover Why Online Estimates Fall Short and How a Local Agent Brings Unmatched Expertise to Pricing Your Home Right

Home Prices

November 2024 Housing Market Update: What Buyers and Sellers Need to Know

Mortgage Rates, Home Prices, and Market Predictions—Expert Insights to Help You Navigate the Real Estate Market with Confidence

rent vs buy

Renting vs. Buying in Westlake Village & Thousand Oaks: The Wealth Gap You Need To Know

How Homeownership in Greater Ventura County Can Build Your Net Worth

Federal Reserve

What This Week’s Fed Meeting Means for Mortgage Rates and Housing

How the Fed’s Latest Moves Could Impact Homebuyers, Sellers, and the Market in 2024

2024 Housing Market

Unexpected Inventory Surge: Why More Homes Are Hitting the Market in Ventura County This Fall

Breaking the usual seasonal trend, more homeowners in Westlake Village, Thousand Oaks, and beyond are listing their homes as mortgage rates dip. Here’s what it means f… Read more

move up buyer

Now Is the Perfect Time To Upgrade to Your Dream Home in Ventura County

Leverage Your Equity and Take Advantage of Lower Mortgage Rates to Make Your Move in Westlake Village, Thousand Oaks, and Beyond

2024 Housing Market

Renting vs. Buying: Why Now Might Be the Perfect Time to Make the Move

Explore How Market Shifts are Making Homeownership a Smart Choice in Budget-Friendly Cities and Beyond

A Spanish-style home with a white stucco exterior and a terracotta tile roof.

expired listing solutions

Why Your House Didn’t Sell: Top Reasons and Proven Solutions for a Quick Re-Listing

Frustrated with an expired listing? Discover the key factors that may have held your home back and the strategies to get it sold fast.

falling mortgage rates

Why Falling Mortgage Rates Make Now the Perfect Time to Sell Your Home

More Buyers, Lower Rates: How a Shifting Market Can Benefit You as a Seller

Let’s Talk

You’ve got questions and we can’t wait to answer them.

Follow Us on Instagram