What Are The Costs Associated With Selling My Home

Dated: 05/17/2019

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When you’re selling your home, it’s important to know what you’ll profit from the sale. The only way to get an accurate estimation is if you take into account all of your expenses. You don’t want to wind up like many sellers and have unforeseen expenses chip away at your hard earned cash. To help you avoid that, here are some of the most common expenses you’ll encounter as a seller:

Mortgage payoff balance – Unless you’re part of the lucky few that can call your home your own, you will still have a mortgage balance when you sell your home. After you make the sale, you’ll have to pay off the mortgage balance before you leave.

Lien releases – If there is an unpaid lien on your home, you’ll have to get that cleared away before you can sell your home.

Recording fees – In order to get it into the public record that the debt has been paid on your house, you’ll have to pay a recording fee.

Commissions for listing and selling agents – Realtors get paid on commission at the close of the sale. The commission is divided between the listing company, the selling company, the listing agent and the selling agent.

Notary fees – You’ll have to get a notary to verify your identity and make sure your documents have all been completed properly. It shouldn’t cost too much, but every little bit adds up.

Closing fee – You’ll have to pay the title company, escrow company, or attorney that administered the closing.

Title search fees – You need proof that you have a legal right to sell your home. Title companies go through public records and will give you a title insurance commitment.

Repairs – We’re not talking about full-scale remodeling, but there’s no denying that a drippy faucet, creaking door, touching up the paint or some other regular maintenance issue is worth taking care of before your home is put on the market. Preparing your home is something all sellers should do but many don’t.  Neglecting this step could end up costing a sale in some circumstances.

Seller concession – If you’re trying to sell your home quickly, seller concessions like a closing cost credit are one way to draw in buyers. There are a variety of different fees that you could pay for the seller.

Home warranty – The home warranty is another way to separate yourself from the other sellers. First time home buyers who are nervous about repair expenses will be especially drawn toward the safety of a home warranty. The warranty will last for one year after the closing date.

Landscaping – If you’ve got a flourishing garden, you’ll want to flaunt it. Depending on your landscaping skills, you might be able to get away with doing the work yourself, but if not, you’ll want to consider hiring a professional landscaper. The size of your yard and the scope of the project will determine the cost.

Painting – If you want to freshen up your home without spending too much money, a new coat of paint is the way to go.

Inspection reports – You won’t have to pay for the buyer’s inspection, but if you want to be one step ahead of the game, you could have your own home inspection done prior to theirs. This would ensure that their inspector doesn’t find a deal breaker. It can be worth the peace of mind knowing there isn’t some serious problem that you’re unaware of.

Bottom Line:

If you’ve taken a hard look at your property and have a carefully crafted budget, there’s no reason why selling your home shouldn’t be a rewarding and profitable experience.

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Lisa Bice

Licensed Realtor since 1996 Lisa Specializes in:   Residential Sales - New and Existing Relocation Properties Luxury Homes New Construction Traditional Neighborhood Developments (TND's) Lot and Lan....

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