Real Estate Update
Posted May 28, 2015 at 10:51 pm by Tim Dustrude
Here’s the latest from Merri Ann Simonson…
General Costs To Buy, Sell Or Build
Merri Ann Simonson – Contributed photo
Cost of construction, selling and buying real estate in the islands has continued to increase based the requirements to meet the current regulations and overall material and service cost increases.
One could say that it costs more and takes longer to comply with the various regulations that govern the real estate and related construction industries.
Based on the medium home price of $444,000 during the last 12 months, a buyer will spend an average of $6,800 in closing costs, not including the prorated taxes, insurance and homeowners dues. The seller will spend on average $40,000 based on the same home price. This doesn’t include any repairs that may be necessary as part of the contract or the seller’s prorated items; it is merely closing costs, septic inspection and a tank pump.
Click here to read the full story (PDF).
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