Are you thinking about selling your house? Before you decide to list your home up for sale, it is helpful to get a clear picture of how much it’s going to cost. Whether you are sprucing things up with a fresh coat of paint, replacing the roof membrane or just covering your taxes, there will be a few bills to pay. Let’s take a quick look at some of the true costs that you’ll incur when selling your home.
Is Your Home Ready To Sell?
The first question you will need to answer is whether or not your home is ready to sell. Unless your house is relatively new, it will likely need repairs and maintenance. Depending on the age and condition of your home, you may also decide to invest in a full home inspection. Having a professional inspector look things over is a good investment – especially if they find problem areas that require immediate attention.
Invest In A Good Real Estate Agent (And Their Commission)
To get the best price for your home, you will need to be represented by a great real estate agent. Of course, they are not going to work for free. Once the home sells, the agent is compensated with a percentage of the sale price, which is known as a commission. In some cases, the home seller also pays the commission for the buyer’s real estate agent as well.
For Sale By Owner
Another choice is for sellers to sell their home themselves. You do the same work as the agent and are able to save the commission that you’d have to pay the agent, ultimately pocketing a little more cash than if you sold the traditional way.
Factor In Costs During The Sales Process
The selling process will also have its costs. From lawyers’ fees to excise taxes, there is no shortage of small costs that can start to add up. You may decide to invest a bit in your open houses in order to make them more welcoming. Or you might need to close out your mortgage. Whatever the case, be sure to leave some space in your budget for these costs.
Moving Out Will Cost You Too
Finally, don’t forget to factor in the cost of moving to your new home. Many families fail to budget for moving expenses, which can be significant if you are moving out of a large home with a lot of furniture.