Are you thinking about selling your house? Before you decide to list your home up for sale, it is helpful to get a clear picture of how much it's going to cost. Whether you are sprucing things up with a fresh coat of paint, replacing the roof, or just covering your taxes, there will be a few bills to pay. Let's take a quick look at some of the true costs that you'll incur when selling your home.
Is Your Home Ready To Sell?
The first question you will need to answer is whether or not your home is ready to sell. Unless your house is relatively new, it will likely need repairs and maintenance. Depending on the age and condition of your home, you may also decide to invest in a full home inspection. While this can help you address potential deal-breakers early, remember, the cost of a pre-inspection can run a few hundred dollars.
Professional inspectors typically are very good investments – especially if they find problem areas that require immediate attention. Typical home repair items, both big and small, are:
Fresh Paint
Carpet Cleaning
Landscaping
Fix Doors and Locks
Patch any Holes
Repair or Replace Flooring
Address any Plumbing Issues
Replacing an Old Roof
Update the Kitchen
Upgrade the Bathroom
Fix any Garage Issues
Keep in mind, these pre-sale upgrades can assist increasing your home’s value. It’s also important to remember they do come at a cost, so plan your budget accordingly.
Invest In A Good Real Estate Agent (And Their Commission)
To get the best price for your home, you will need to be represented by a great real estate agent. We invite you to meet our amazing Triple E Realty agents here. Once the home sells, the agent is compensated with a percentage of the sale price, which is known as a commission. In some cases, the home seller also pays the commission for the buyer's real estate agent as well.
Maintenance While On The Market
Another reason you want to find a great real estate agent is to ensure your home doesn’t stay on the market longer than you planned. If your home is on the market for an extended period, you’ll need to continue to pay for utilities, lawn care, and regular maintenance of the property. Keeping the home in show-ready condition may also require additional cleaning or repairs, as well as, cost to stage your home, adding to your ongoing costs.
Found A Buyer? Be Prepared For These Final Costs
Just like buyers, sellers often have closing costs to pay. These can include title insurance, escrow fees, and transfer taxes, depending on your location. These fees can account for 1-3% of the sale price, cutting into your proceeds from the sale.
If you still have an outstanding mortgage, you’ll need to pay it off at closing. In some cases, lenders charge a prepayment penalty for paying off the loan early. Be sure to review your mortgage agreement to determine if this cost will apply.
Finally, don't forget to factor in the cost of moving Out and In to your new home. Whether you hire movers or rent a truck, moving can be an expensive part of selling a home. Planning and budgeting for this transition can help avoid unexpected financial strain.
As you can see, selling a home is a major financial transaction and one that should be led by an experienced professional. When you are ready to begin the process of selling your home, give us a call. Our team of real estate professionals can advise you of local market conditions and ensure that you receive top dollar when you sell.
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