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Like it or not, buying a home involves more than just the down payment. And in South Carolina, you’ll pay between 1.11% and 1.66% of the purchase price to cover closing costs.
Thanks to steady economic growth and rising incomes, the South Carolina property market is booming. If you want to get in on the action, don’t forget to factor in closing costs. At the moment, closing costs come to an average of 1.20% of the sales price — which can quickly add up if you’re paying top-dollar for your home.
In South Carolina, the average home sells for somewhere between $200,000 and $300,000. If you find a property within that range, you’re looking at paying between $1,620 and $2,430, before taxes. These fees cover closing attorneys and title insurance, as well as property inspection, appraisal and origination services.
Some homeowners will also need to pay for mortgage insurance and flood certification, or post HOA or condo fees. Many of these fees are negotiable, but taxes aren’t. Like all states, South Carolina charges property and transfer taxes. According to our sample data, expect to pay around $3,316 in closing costs after taxes.
The closing costs in South Carolina depend on the lender and the market, as well as the type and price of the property. Generally, though, expect to pay the following closing costs:
South Carolina’s closing costs are among the lowest in the country. In terms of the average closing costs before taxes, the state ranks 41. For context, buyers and sellers in DC, New York and California are hit with the highest closing costs, while those in Missouri, Nebraska and Iowa are on the other end of the spectrum.
Houses make up the majority of the market in South Carolina — and in recent years, the state has seen a growth in million-dollar-plus homes. Condos, apartments and townhouses round out the offering.
If you’re selling a property, you’ll need to provide the buyer with a written and signed disclosure form. Required by state law, the Residential Property Condition Disclosure Statement has to detail the following information:
The disclosure is designed to protect the buyer. Most buyers hire an independent home inspector to confirm the information in the seller’s disclosure. Your mortgage lender may also require you to get an additional wood inspection, which assesses if the home is free of termites and fungi. Sometimes, the seller will pay for this, but the responsibility is typically with the buyer.
When you’re calculating how much money you’ll need to buy a house, look past the down payment to the closing costs. They vary based on your lender and the size and type of the property. But in South Carolina, they typically add up to about 1.20% of the sales price.
Some of these costs are fixed, others aren’t. To save, take the time to compare mortgage lenders.
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