{"id":95877,"date":"2024-07-11T12:47:24","date_gmt":"2024-07-11T19:47:24","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=95877"},"modified":"2024-07-11T14:06:02","modified_gmt":"2024-07-11T21:06:02","slug":"how-much-are-closing-costs-in-illinois","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-much-are-closing-costs-in-illinois\/","title":{"rendered":"How Much Are Closing Costs in Illinois 2024?"},"content":{"rendered":"

Buying a home is one of the biggest decisions one can make, and there’s a lot more to consider than just the price of the home. Another substantial expense to consider when you’re buying a home is the amount you’ll pay for closing costs.<\/p>\n

Closing costs are the final expenses that need to be paid in order to close on a real estate transaction, such as taxes, lender fees, and title insurance. To help prepare you for the final steps of the homebuying process, this Redfin article will break down how much closing costs are in Illinois, who pays for them, and what costs you can expect to pay as a buyer and as a seller.<\/p>\n

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How much are closing costs on average in Illinois?<\/h2>\n

In addition to the down payment, homebuyers will also need to pay closing costs before securing the keys to their new home. As a general rule of thumb, you can expect closing costs in Illinois to add up between 2%-5% of the purchase price.<\/strong> But it’s important to remember that this is just a range and the total amount will depend on a number of factors, such as the buyer’s loan program or negotiations made with the seller.<\/p>\n

For example, if you’re buying a home in Naperville<\/a>, which has a median sale price of $620,000, closing costs could range anywhere from $12,300 to $30,750. Or, let’s say that you’re buying a home in Chicago<\/a>, which has a median sale price of $365,000. Closing costs for a home here could range from $7,300 and $18,250.<\/p>\n

Who pays closing costs in Illinois<\/h2>\n

In most areas, including Illinois, both the buyer and the seller will pay closing costs. But, each party’s closing costs amount will vary depending on what they are required to pay. Keep in mind that it’s common for the buyer to pay closing costs out of pocket, while the seller’s closing costs are deducted from the home sale proceeds.<\/p>\n

Buyer closing costs in Illinois<\/h2>\n

For homebuyers in Illinois , you can expect closing costs to range 2%-5% of the home’s purchase price. If you’ve paid earnest money, which is typically 1%-3% of the home’s price, this amount will be subtracted from your closing costs. Let’s break down some of the common closing costs covered by the buyer:<\/p>\n