Not knowing the costs of selling a house in the beginning will make your experience less than stellar, even disappointing in fact. As a seller, knowing the costs involved in selling a house is important. It will give you enough time to prepare and plan carefully which would eventually save you money by reducing some of the costs.
How much does it cost to sell a house?
The cost to sell a house varies, but in general, here are some of the costs you will encounter when you sell a house.
Costs before the Sale
Yes, you are going to spend even before the sale happens especially if you want your home to be more marketable. These costs include fix ups, getting a new paint job, window washing, landscaping, and staging your home. You will also pay for the cost of marketing your home if you are going to sell your home on your own.
Cost at Closing
Now here comes the grudging part because expect you’re going to shed more dollars.
Agent commissions. If you are using a realtor, you will be paying 5%-6% commission to be split between the buyer’s agent and your listing agent. This may sound like a lot of money to pay someone to sell a house but know that what you pay is still well worth it.
Abstract or title search fee. The title insurance is guarantee to the buyer that the house has clear title. It details anything that may affect the title such as liens, loans, easements, restrictions and HOA declarations.
Mortgage payoff balance. This will be deducted from the sale price.
Other closing costs. You will pay the costs related with the closing, these include the fees for the escrow company, mortgage and home appraisal, recording fees, and more.
Taxes and utilities. You will still have to pay the taxes and utilities up to the day you close.
Home warranty. Many sellers buy a home warranty on the buyer’s behalf, this covers repairs to appliances and certain systems within the first year of the ownership.
Moving costs. You can ask your friend to help you move to save but if you’re looking to move fast you will need to pay for a moving company.
These are general costs of selling a house and there may be other costs you need to pay when you sell your home. If you don’t want to be surprised at closing, speak with your listing agent.
Read more: Challenges in Selling Your Home
Are you selling your home? We can help! The J Michael Manley Team go above and beyond to get your home sold in the market. Our marketing efforts are geared toward getting your home sold as quickly as possible for top dollar.
Contact us or Call us at 864-881-1352