The Real Deal on NYC Real Estate
An interactive guide to understanding the true costs of buying and selling property in New York City.
Estimate Your Costs
Start by selecting your role and entering the property details.
Your Estimated Breakdown
Results update automatically as you change the details.
Total Closing Costs
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Total Cash to Close
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Itemized Closing Costs
Beyond Closing Day: Ongoing Costs
Remember, the costs of ownership don't stop at closing. Budget for these recurring expenses.
Property Taxes
In NYC, property taxes are paid on real property (condos and houses). For co-ops, they are included in the monthly maintenance fee. Rates and assessment values vary significantly.
Common Charges / Maintenance
Condo owners pay "common charges" and co-op owners pay "maintenance." These fees cover building operating costs, staff salaries, amenities, and (for co-ops) the building's underlying mortgage and property taxes.
Pro Tips for a Smoother Transaction
Expert advice to help you navigate the process.
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Hire an Experienced Real Estate Attorney: This is not the place to cut corners. A great attorney specializing in NYC real estate is crucial for due diligence and protecting your interests.
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Understand Negotiability: While taxes are fixed, some costs like attorney fees or bank fees can vary. For new developments, negotiating that the sponsor pays the transfer taxes is a common and significant strategy.
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Get a Mortgage Pre-Approval Early: For buyers, this strengthens your offer and gives you a clear understanding of what you can afford, including these closing costs.