The Real Cost of Closing: What Tri-State Homebuyers Need to Know

If you’re buying a home in the WV, OH, KY Tri-State area, closing costs are one of the most important numbers to understand before you get to the table. This guide breaks down what they are, what’s included, and how to plan for them so nothing catches you off guard.

What Are Closing Costs?

Closing costs are the fees and expenses required to finalize a home purchase, separate from your down payment. They range from 0% to 25% of the purchase price.

Your down payment builds equity. Closing costs cover the services, legal requirements, and protections that make the transfer of ownership official and secure.

What’s Included in Closing Costs?

Most homebuyers will encounter some combination of the following fees:

Loan Origination Fee covers what your lender charges to prepare and process your mortgage. It may be a flat fee or a percentage of the loan amount.

Appraisal Fee pays for a licensed appraiser to confirm the home’s market value. Your lender requires this before approving your loan. Most have you pay it up front, some roll it into closing costs.

Title Search and Title Insurance protect you and/or your lender. The title search confirms there are no liens or legal claims against the property. Title insurance provides ongoing protection if a dispute ever surfaces later. Make sure you understand the difference in owner’s title insurance (protects you) and lender’s title insurance (protects the lender.)

Survey Costs may apply if the property has a larger lot or acreage, usually required in Lawrence County, OH but often paid by the seller.

Recording Fees are paid to the county to officially document the transfer of the deed into your name.

Attorney Fees are common in real estate closings. An attorney typically reviews documents and oversees the closing process.

Escrow/Technology Fees cover the neutral third party that holds funds and documents until everything is finalized. Typically in the same office as the attorney involved.

Prepaid Costs include your first year of homeowner’s insurance, prepaid property taxes, and prepaid mortgage interest from your closing date to your first payment due date.

Tri-State Specific Factors That Affect Closing Costs

Property Taxes Tax rates and assessed values vary by neighborhood within the area. When your lender calculates your prepaid taxes, they use the assessed value of the specific property you’re purchasing. Knowing this number ahead of time helps you plan accurately.

HOA Fees Some subdivisions have homeowner’s associations with fees due at closing. It’s not universal, but it comes up often enough to ask about early in the process.

Flood Zone Considerations Homes near creeks or a river may fall within a designated flood zone, which requires flood insurance. This adds an upfront cost that can surprise buyers who weren’t expecting it. Your lender and agent should flag this early if it applies to your property.

First-Time Buyer Programs, Lender and/or State Assistance West Virginia occasionally offers programs through the West Virginia Housing Development Fund and participating local lenders that help buyers cover closing costs. These change over time, so always ask your lender and agent what’s currently available before you assume you’re on your own.

Who Pays Closing Costs?

In most transactions, the buyer covers the majority of closing costs. However, sellers can and do contribute, particularly when a home has been on the market longer or when negotiating in a buyer-friendly market.

Seller concessions, where the seller agrees to cover a portion of your closing costs, are a legitimate and common negotiating tool. A good agent will know when and how to use them on your behalf.

How to Reduce Your Closing Costs

Shop around for service providers. You have the right to choose your lender, title company, and certain other vendors. Comparing fees across providers can produce meaningful savings.

Negotiate seller concessions. Ask the seller to contribute to your closing costs as part of your offer. In the right market conditions, this is a reasonable and expected request.

Be strategic about your closing date. Closing near the end of the month reduces your prepaid mortgage interest, because fewer days remain before your first payment is due.

Review your Loan Estimate carefully. Federal law requires lenders to provide a Loan Estimate early in the process. Go through every line. If a fee is unclear or seems high, ask your lender to explain it. Most fees are legitimate, but errors and duplications do happen.

Frequently Asked Questions About Closing Costs in the Tri-State

How much should I budget for closing costs? These vary widely so ask your lender early for these costs.

Can I roll closing costs into my mortgage? In some loan programs, yes. Certain FHA, VA, and USDA loans allow buyers to finance a portion of their closing costs. Ask your lender what options apply to your situation.

What happens if I don’t have enough for closing costs? You have options. You can negotiate seller concessions, apply for assistance through state programs, or work with your lender to explore financing options. A good agent and lender will help you find a path forward.

Are closing costs the same for every property? No. Costs vary based on purchase price, loan type, location, and which service providers you choose. Flood zone designation, HOA requirements, and survey needs can all affect your final number.

Do I find out my closing costs before closing day? Yes. You’ll receive a Closing Disclosure at least three business days before your scheduled closing. This document outlines every fee you’ll be expected to pay. Review it carefully and compare it to your original Loan Estimate.

The Bottom Line

Closing costs are not a surprise you should have to absorb at the last minute. They are a predictable, manageable part of buying a home when you know what to expect and plan accordingly.

If you’re preparing to buy in Barboursville or the greater Huntington area, I’m happy to walk you through the numbers before you ever make an offer. The more informed you are going in, the more confident you’ll feel at the closing table.

Ready to take the next step? Reach out and let’s talk through what your purchase might actually cost, start to finish.