I’ve helped lots of families close in neighborhoods from Northgate to Peyton over the last 5 years, and the #1 surprise is still the closing costs when buying a home in Colorado Springs. Get your Loan Estimate as soon as possible so you are familiar with your numbers. When you offer on a house, sellers want to see you are approved with a lender and I can help fill in the numbers based on price of home, taxes and HOA dues.
In Colorado Springs we are seeing the occasional seller concessions up to 1-5% if you put in a good offer!
Closing costs when buying a home in Colorado Springs typically range from 4–6% of the purchase price depending on the type of loan. On a $480,000 median-priced home (Pikes Peak MLS Stats – https://ppar.com/MarketTrends.aspx), that’s $19,200–$28,800 out of pocket. The biggest items are lender origination and appraisal, title insurance and settlement fees, prepaid property taxes/HOA, home inspection, and often radon testing. This is also before your down payment.
Bottom line: budget 6% and you’ll be safe.
Common mistakes to avoid:
- Not looking at your budget.
- Avoiding a discussion with a local lender.
- Looking at homes out of your price range.
Need more info? Check out the Steps to Buying a Home in Colorado Springs.
Moving here for the mountains or a military PCS? Text or call me anytime—I’m here to make the numbers work for you.
I’m Andrew Bacon, a Top Colorado Springs Real Estate Broker in Colorado Springs. I take care of my clients as family and aim to provide them with the necessary information and tools to navigate the complex markets in Colorado and around the US.
As a member of the Pikes Peak & Denver Metro Association of Realtors, I enjoy staying aware of current cultural trends and economic drivers.Check back regularly for new articles on all things real estate along Colorado’s Front Range.
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