NEW YORK (STL.News) – Hauseit, NYC’s largest and most trusted For Sale by Owner and Buyer Closing Credit company, today announced the release of its industry leading New Development Buyer Closing Cost Calculator for NYC available at https://www.hauseit.com/new-development-closing-cost-calculator-nyc/
This latest interactive calculator complements an existing suite of over a dozen free tools for buyers and sellers offered by Hauseit, including its highly regarded Buyer and Seller Closing Cost Calculators for New York City.
Buyers of new construction listings in NYC are often surprised to discover that buyer closing costs are considerably higher for new developments compared to traditional listings. Buyer closing costs in NYC for new construction range from 5% to 6% for a financed buyer compared to 3% to 4% for existing construction.
The main reason why buyer closing costs are higher for new construction in NYC is that buyers are asked to pay the NYC & NYS Transfer Taxes. These closing costs are customarily paid by sellers for traditional, existing-construction resale transactions. Buyers of new construction are also responsible for seller (sponsor) legal and document preparation fees, a working capital contribution as well as a super apartment contribution for larger buildings.
Hauseit’s New Development Buyer Closing Cost Calculator for NYC simplifies the analysis of buyer closing costs by breaking them down into New Construction Related Costs, Typical Buyer Closing Costs and Financing Related Costs. Because new development buyer closing costs are often negotiable, the calculator allows buyers to choose whether or not the sponsor (seller) will cover any of the closing costs such as NYC & NYS Transfer Taxes and sponsor attorney fees.
Using the calculator, buyers can also input the exact amount of the sponsor attorney and document fees, working capital contribution and super apartment contribution (if applicable) for the specific new development listing being considered. The New Construction Buyer Closing Cost Calculator has also been designed to reflect recent changes to the Mansion Tax and NYS Transfer Tax rates.
Hauseit (https://www.hauseit.com), established in 2014, is NYC’s largest and most trusted For Sale by Owner and Buyer Closing Credit company. Through its Agent Assisted FSBO and 1% Full Service options for sellers and Buyer Closing Credit service for buyers, the company has saved New Yorkers millions of dollars in real estate commissions since 2014. The company has helped customers buy and sell homes in NYC collectively worth more than $1 billion since its launch.