When you’re selling your home, one of the last things you want to think about is how much it’ll cost. But many homeowners aren’t aware that selling their home can cost several thousand dollars. Let’s look at why selling your home can cost you so much money.
First, we’ll break down costs you may already be paying; you’ll still need to continue paying these, even if you’re not staying in the home anymore.
Mortgage payments: You’ll need to continue making your monthly mortgage payment until the home is sold and you’ve completed the closing.
Utilities: You should continue making gas, electricity, and water payments even if you’re no longer in the house. It makes touring the home much easier for your agent and a much more pleasant experience for the buyer. This is particularly true during the summer and the winter.
Landscaping/Pool: Curb appeal and an operational pool are major selling points in a house. Ensuring they’re well maintained can help sell your home faster and for more money. You’ll want to make these payments until the house has sold.
Property taxes: Depending on when you sell your home, you may still be responsible for paying property taxes. Additionally, paying the property taxes as a concession could go a long way towards making the sale more appealing to buyers if it’s close to the due date.
HOA fees: If you pay monthly HOA fees, you’ll likely still need to make those payments as well.
Next, we’ll look at sale-related expenses you might not expect.
Agent fees: Most agents take 5 to 6% of the total sales price as their commission. You likely won’t have to come up with the cash out of pocket, but it will be subtracted from the total amount you receive from the sale. This is how an agent makes money from their work towards listing the home, handling the paperwork, offering open houses, etc. On a $300,000 sale, that commission could be $15,000.
Title and escrow fees: Both buyers and sellers pay escrow fees. The seller fees cover the cost of closing the transaction. The title fee is also known as the transfer tax. This covers the cost of transferring the property title from your name to the buyer.
Staging: Staging can help sell a home quickly. You can opt to stage the house with your own furniture or pay to have a professional come in and make your home more enticing. Staging costs can range from a few hundred dollars to more than a thousand dollars depending on the size of your home and where you live.
Buyer concessions: Buyers’ concessions could include things like closing costs, paying all the agent’s fees, paying for the inspection, paying for the appraisal.
Repairs: After a buyer reviews the property and the home undergoes an inspection, the buyer can request certain repairs. Typically, these repairs include HVAC, water damage, windows, doors, electrical, plumbing, or roof.
By the time you’ve sold your home, you can expect to lose about 10% of the total sales price before you make up any difference between what you owe on the house and what you’ve earned.
If you want to save money on the sale of your home, you have a few options.
First, you could attempt a for-sale-by-owner. While you’ll be able to avoid the agent fees, you’ll likely still need to cover many of the other expenses. Additionally, you may need to pay attorney fees if you need help properly filing the correct paperwork.
You could also sell your home for cash to Brick. We buy houses for cash. You can skip the agent fees, costs to repair, and other expenses. We purchase homes no matter what condition they’re in, so you can skip the landscaping and roof repair. We can help you close quickly or let you take your time. Call us today, and we’ll make an offer you can’t refuse.
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