Closing Costs

[fleung68]

Happy New Year Everyone!

My wife and I are thinking about finding a condo in Aruba for the cold winter months of NYC. Found some nice condos that we would love to get into (Azure/Blue/O), but upon further research, closing costs are quite high in Aruba (6% + 2%), it's much more than NYC/NJ closing costs. This is really surprising to us; a $500K condo would incur a $40K total for closing costs?? Yes, property tax is much lower, but that's an awful lot for closing costs.

Could someone please confirm their closing cost experience? Thank you!

[schexc]

The closing costs do add up, and your percentages are correct. There are also a few additional incidental fees and costs.

We simply put it in perspective, relative to our taxes in Upstate NY. Meaning, our out of pocket expenses to close in Aruba, broke out even after a year and a half for the tax bill for our home in the states. From that point on it was a win win for our aruba condo.

[robin]

Yes, those numbers are accurate.

Taxes are very low compared with NJ. I live in southern NJ. My NJ property taxes on our home is 4x what the taxes are in Aruba and tax assessment value less than my condo at Oceania.

[fleung68]

Thank you all for your confirmations and input!