Selling a home can be as involved a process as buying one. With it comes costs that you may not have considered when looking at the big picture.
Take advantage of a seller closing costs calculator and be aware of the hidden expenses below, and you’ll have a realistic expectation for what happens once you close the deal with your buyer.
Appraisal
You want to make sure you’re listing your house at the appropriate price. Go too low and you lose money. List too high and you can have a hard time finding buyers.
Hire a professional appraiser who’ll examine your home from top to bottom and then compare it to recent similar sales in your area.
Do your research and make sure to find a licensed appraiser who has good reviews and recommendations.
Repairs
Be mindful of repairs you may need to do, whether big or small. That crooked cabinet drawer may not bother you anymore but could raise a red flag for potential buyers.
Additionally, a bank won’t grant a buyer a loan if it doesn’t think the investment is sound. Lenders require thorough inspections of a property. Try to get ahead of any possible problems arising by making preemptive repairs.
Staging Costs
Odds are, you’ll have many people walking around your house as they consider its potential for buying. You want it to be as aesthetically pleasing as possible, so investing in staging it the right way can make a big difference.
The average seller pays almost $1,500 in staging costs, from cleaning to arranging furniture and décor the right way.
Fixing Up Curb Appeal
You’ll want to spend some money on making the outside of your home look as pleasing as possible when a buyer pulls up.
This can be hiring someone to mow the lawn and trim the hedges, or plant flowers and shrubbery. You might also want to invest in some improvements like painting the front door or changing the porch light fixtures.
Real Estate Agent Commission
Hiring a real estate agent can make the process much easier thanks to their guidance and expertise. Be mindful that all agents take a commission for their hard work in finding potential buyers.
Though it depends on the agent, the average real estate commission is 5% to 6% of the cost of the home.
Seller Concessions
These concessions occur when the seller agrees to pay part of a buyer’s closing costs. This typically happens in an effort to convince the buyer to take the deal.
These costs can include putting money towards the inspection, appraisal fees, taxes, or other expenses.
Vacant House Fees
You may have been lucky enough to locate another property to move into quickly. However, you may not have yet found a buyer for the home you’re trying to sell.
Keeping a home on the market though it’s vacant incurs fees. This could include keeping the electricity on, or monthly fees to maintain the property like landscaping or snow removal.
You’ll need to purchase a special vacant house insurance policy to guarantee your home is protected should it be damaged by vandals.
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