If your current financial position has left you no choice but to sell your home, have you decided how you’re going to sell it? You may be thinking of partnering with a real estate agent or broker but are not completely sold on the idea. You may be reluctant to sell it the traditional way, especially when you consider what it really costs to sell a home in today’s market. There are other options for you. Options that allow you to keep more money in your pocket.
If you want to avoid the “sticker shock” of selling your home, here are 8 hidden costs that you need to be aware of:
- Closing costs – these costs usually include escrow fees, HOA fees, property taxes, title insurance, transfer taxes, and various legal fees. In most cases, closing costs will average anywhere from 2% up to 5% of the home’s selling price.
- Home appraisal and inspection costs – in most cases, the home appraisal will be paid by the lender. On the other hand, the buyer usually pays for the home inspection. However, in some cases, the seller is asked to pay for the inspection.
- Home renovations and repairs – most realtors will require you to do these before they agree to list your home. As a result, you could be looking at thousands of dollars in unnecessary expenses.
- Landscaping costs – although this can increase your selling price by up to 12%, a landscaping overhaul can cost up to $3,500.
- Maintenance expenses – almost every home needs several maintenance updates before it can be sold. This could cost hundreds or even thousands of dollars.
- Mortgage payoff fees – once your home is sold, the proceeds initially go towards the mortgage- there may be a pre-penalty payment.
- Real estate agent’s or broker’s commission – as one of the largest expense of any real estate transaction, the agent’s or broker’s commission will average 6% in most cases. If you sell your home for $300,000, you will pay $18,000 in commissions.
- Staging costs – the cost of staging your home can run from $500 to $1,000s Even if you have already moved into your new home, you are still responsible for all of the expenses of the home that hasn’t sold yet.
Taking these factors into consideration, the easiest way to avoid these added expenses is to sell your home to Homeinc. Call or text us at (888) 850-2636 to learn more about selling your home for cash.