Have you ever wondered how selling a house could cost you money? Well, it’s not as hard to comprehend once the real facts are laid out for all of us. Most people list their homes without taking into consideration what the true cost of selling a house is. Knowing those expenses can help anyone make a better decision before listing with an agent.
If you’re thinking of selling your property, the first thing to think about is what it will cost. Selling a home costs money upfront and there are closing fees as well when the house closes that can be costly. Did you know that the average amount it takes to sell a home in America is over $15,000? While this varies depending on location, this is still an astronomical number. Here, we’ll break down where most of that cash ends up funneling to.
The Cost of Selling a House – Where Does All The Money Go?
Real Estate Agent Fees/Commissions
When pricing your home, keep in mind that the commissions will run about 6% of the final sale price. The agent’s cut is not paid upfront but subtracted from what you get for your house- so consider this when setting a reasonable and fair asking price!
There are many hidden fees that you can get caught up in during the process of buying a home. Some agents will charge their clients for listing and marketing. Make sure to ask what is included, so there aren’t any surprises when all is said and done.
Closing costs are a part of the overall cost when buying or selling property. They include any fees associated with transferring ownership from one person to another and can range in price depending on what is being sold, where it’s located, etc. You should expect that 2% of your purchase agreement will go towards these costs.
If you’re thinking about selling your home, it’s crucial to do so in a timely manner. That way, the holding costs of property taxes, insurance, and utilities will not pile up before closing day arrives. These are often overlooked by sellers, and can add up to thousands of dollars unless your home is sold in only a couple weeks.
Repairs & Staging
When preparing your house for sale, you will want to make it as presentable as possible so that its value increases. This may include removing personal belongings and redecorating the rooms in order to give buyers a chance to envision their lives in the home. In addition, staging might be used by adding furniture or other items which are attractive and desirable but don’t belong there permanently. This allows potential buyers an opportunity to see the potential of the home, and gather ideas for furniture or room layouts of their own.
Buyers can either inspect themselves or bring a professional to inspect the house that is up for sale. Many sellers choose to pay to have their own home inspected in order not only save time, but also money on any potential fixes. This can be costly, but it’s worth the investment.
Moving is not technically a cost, but it can be! Hiring movers or doing it yourself will impact your bottom line. You have to plan how and when you’ll move so that the logistics are in your favor. You may not want to move until the house is sold, but you’ll still need a place for your belongings. Consider storage costs and make sure that any unnecessary items are packed up so it doesn’t look like your home has been abandoned when outsiders start walking through on regular basis.
Want To Avoid the Cost of Selling a House?
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