What Are The Costs When Selling Your Home?

Are you selling your house? Congratulations! You are about to embark on a new adventure.

You’re probably wondering how much everything is going to cost. What’s the commission for a real estate agent? How much will I have to pay in closing costs?

It’s no secret that selling a house can be expensive, and the figure can run up quickly. But don’t worry; we’re here to help!

This post will examine some of the expenses you can incur and help you prepare when selling your home. 

What Does Selling A House Entail?

Selling a house is no easy feat. Not only do you have to find the right buyer, but you also have to deal with the paperwork and the hassle of moving. And let’s not forget all the cleaning and decluttering you must do first. 

The costs of selling a house can vary greatly depending on several factors, such as the location of the property, the condition of the property, the real estate market, and the type of sale (e.g., FSBO vs. using a real estate agent). 

We have compiled a list of the most common costs of selling a house to help you better understand what you might need to pay.

Real Estate Agent’s Commission

This is probably the most common expense associated with selling a house. If you use a real estate agent to help sell your property, you will be required to pay a commission. 

This fee is typically a percentage of the final sale price and can vary depending on the agency you hire. It is paid to the agent out of the proceeds from the sale.

Home Inspection

Before you put your home on the market, having a professional home inspector look at it is a good idea. This way, you can be sure that there are no hidden surprises that could come back to bite you later. 

After all, the last thing you want is for your home to sell, only to have the deal fall through because of an issue you could have easily fixed.

A home inspection will typically cost a few hundred dollars, but it’s worth it to have peace of mind. That way, you can be confident that you’re getting the best possible price for your home.

Home Repairs And Improvements

If your house requires repairs or cosmetic updates, you will need to factor in the cost of these improvements when pricing your home. These costs can vary depending on the scope of the work, but even minor updates can add up.

Home Staging

Home staging is the process of preparing your home for sale by making it look its best. This can involve anything from decluttering and depersonalizing to making cosmetic updates. 

Staging your home can be costly, but it is often worth the investment as it can help you sell your home more quickly and for a higher price. You can expect to pay around $600 to $2500 for professional home staging services.

Landscaping

First impressions are crucial, and your home’s curb appeal can significantly affect how quickly it sells. If your landscaping needs some work, you may want to invest in some essential updates. 

This can cost anywhere from a few hundred dollars to a few thousand, depending on the extent of the work needed to fix your property.

Home Warranties

Home warranties are insurance policies that cover repair and replacement costs for specific home systems and appliances. Many sellers include a home warranty in their sales, as it can give buyers some peace of mind.

These warranties typically cost $300 to $500, and the coverage can last for one year or more.

Marketing And Advertising

Marketing and advertising your home can be a worthwhile expense since it is necessary to reach potential buyers. The cost of marketing and advertising will vary depending on the size and location of your home, but you can expect to spend a few hundred dollars at a minimum.

Moving Cost

Once your home is sold, you must factor in relocating costs. This can be a significant expense, depending on the distance and the size of your belongings. If you are moving a long distance, you may need to hire professional movers. 

Closing Costs

Closing costs are fees paid to cover the expenses associated with finalizing the sale of a property. These costs can vary depending on your mortgage type and the state of the property, but they typically range from 2-5% of the sale price.

Tips to reduce home selling Costs

Key Takeaways

• It typically costs between 10-15% of your home’s sale price to sell it, though this number can vary depending on several factors.
• These expenses include repairs and updates, home staging, landscaping, marketing and advertising, and moving expenses.
• A professional home inspection is a good idea before putting your house on the market, as it can uncover potential problems that could scuttle a sale.

Conclusion

Selling a house is a major undertaking. By being prepared for the expenses, you can ensure that you sell your home quickly and for the best possible price. With a little bit of planning, you can make the home selling process as smooth and stress-free as possible.

Are you looking for professionals to help you sell your home? Do not hesitate to contact us! We would be happy to help you with any questions you may have.