If you are planning to sell your house for the first time, you may be surprised to discover that there are actually quite a few costs involved. Knowing what these costs are will help make the selling process a much more enjoyable experience. Read on to learn more about what expenses to expect.
1. Real estate agent commissions. This figure may vary, costing anywhere from 3% to up to 7%, depending on where you live, what kind of market you’re in and what you negotiate with your agent. This may seem like a large figure, but most experts agree that working with a real estate agent is a necessary cost, especially if you want to get top dollar on your home.
2. Closing fees, recording fees, legal fees and more. Suffice it to say, there are quite a few fees involved when you sell a house. Closing fees are charged by the closing company to handle the closing. These may range from $200 to $800. Recording fees are for the deed, any mortgages that need to be released, and loan pay-offs. These may range from $50 to $500. Lastly, some states require you to have an attorney when you close on a house, so you may have to factor legal fees into your budget.
3. Title insurance. In most states, it’s usually the seller who pays for title insurance, which is a guarantee to the buyer that they home they are purchasing has a clear title. This cost may vary from state to state as some areas have different laws regarding title insurance.
4. Taxes and utilities. In most cases of selling a house, you have to pay taxes and utitilies up to the day you close. These may vary depending on the cost of your home.
5. Home staging and repairs. If you want to get your asking price or an amount close to it when you sell your house, you will have to make sure that it is in great condition. Having minor repairs done and having your home staged for sale are both good (and advisable) ways to achieve this. Most buyers would want to purchase a home that is in good condition and will not need much work done on it when they move in, and are willing to pay more for a house that fits the bill.
In short, selling your house will cost you a good amount, but if you do your research and prepare well beforehand, you can avoid any unpleasant surprises or disappointments. Of course, it helps greatly to work with a good real estate agent who will guide you throughout the entire process.
If you are planning to sell your home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
