Home prices are up all around the country and this means that most homeowners who have had their home for a couple of years are likely in a well-poised position to sell their homes and profit. While this is an exciting proposition, it is still important to remember that selling a home still costs money - sometimes more money than the seller anticipated. Today we will go over some of the costs associated with selling ones home.
Real Estate Commissions: This one is slightly obvious, but don’t forget the commissions to the listing and buyer’s agents. Commissions typically run around 5% - 6% of the home’s price.
Home Repairs: If the homeowner has been putting off minor home repairs here and there, be prepared for these repairs to rack up quite a bill over a few years. This is also not the time for corner-cutting. It’s important to note here that doing sloppy repair jobs to save money is definitely not appropriate right before putting a home up for sale.
Consider this - even if the homeowner “cuts corners” just one time, if a potential buyer happens to notice a sloppy repair while viewing the home it could leave them with a less-than ideal impression of the homes overall quality.
Professional Photography: Anymore the majority of home searching begins online and a photograph really is worth a thousand words, which is why it important to make sure that you have good quality images of your property online. Don’t rely on the old images that may still be available online, especially if you have made significant upgrades to the property. The average cost for professional real estate photography is anywhere from $500-1000.
Home Staging: Ideally sellers should hire a professional to help them with their home staging, especially if the home is empty when it’s being sold. Not staging a home is one of the most overlooked steps necessary in selling a the home.
Landscaping: Curb appeal is what draws potential buyers inside the property. The home could like a millionaire lived inside it, but if the outside looks cluttered and junky, no one is ever going to see the inside.
Capital Gains Tax: This one can sneak up on a seller. If you anticipate making quite a bit of money off the sale of your property, make sure you know whether or not you’re going to be paying capital gains tax. This can really steal the sellers joy come tax time.
Utilities: If the homeowner moves out of the home prior to its sale, don’t shut off the utilities. There is nothing worse than trying to show a home in the dead of summer when there is no AC running. This could easily cause the buyers to rush through the showing just to escape the uncomfortable temperatures in the home.
Contact us here at Lendem Financial & Co and let us know if you have any questions about what you need to do to prepare your home for a smooth sale. Our mortgage experts can help you transition from selling your old home, to closing on your new property, in no time at all.
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