Costs to Expect When Selling Your Home
Many homeowners are unaware of the numerous costs involved in selling a home. Some upfront expenses are required while others are negotiable. That’s why it’s best to do your homework before listing your home and to make sure you surrounding yourself with the best real estate professionals in the area.
Oak City Properties has bought and sold hundreds of local homes and our many years of experience in the local Raleigh real estate market can help you navigate the process and understand the hidden costs of home sales and how to avoid those costs. This article offers an overview of these expenses and how they can affect your bottom line.
You’ll need to spend some money to fix up your home for sale, so save ahead of time for painting services (or only the cost of paint if you’re into DIY), window cleaning services, landscaping, obvious home repairs, and carpeting. Exterior painting of a home can run from $3,000 to $6,000 and window cleaning services often range from $250 to $400. New carpeting of your home can run in the thousands, so consult your real estate agent first to make sure you pick a color that will appeal to the most buyers. Buying carpet isn’t a necessity, but consider doing so if your carpets are stained and well worn. A gross carpet and multiple stains is an instant turn-off to buyers, and it gives them the impression of a dirty home that may harbor other hidden problems from neglect.
Staging a home is probably the best thing you can do to sell your home quickly. If you have a messy home with old furniture, consider moving everything into storage and hiring a home staging company. It will be well worth the price in the end. Even a completely empty home that is brand new is difficult to sell. Staging is phenomenal in selling your home fast. Save up for this expense if you can.
Don’t forget the rent you’ll need to pay if you rent a storage unit to keep your furniture and items removed from the home.
Closing costs encompass many different fees, some of which are negotiable. Real estate commission is one fee that you’ll owe. A real estate agent’s fee generally runs between 5% and 6%. It’s split between the buyer’s agent and your listing agent. You won’t have to pay this fee upfront; however, the commission will be paid at closing. This is one of the most expensive of the closing fees.
The seller sometimes agrees to pay for the escrow company, the home appraisal, title insurance, and recording/transfer of the property.
Sometimes the state may require the seller to pay for transfer taxes. You’ll be charged a prorated share of the property tax if you haven’t already paid your tax for the year.
If you own an older home, it’s a good idea to buy a home warranty for the buyer. This creates a selling point and helps ease the buyer’s mind about purchasing an older home. The warranty is a great incentive.
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to sell your home or a landlord wanting to downsize your rental portfolio, our full-service property management company is here to help.
Want to read more about property management services? Here are a few blogs that may interest you:
- What to Expect from a Property Management Company?
- 7 Benefits of Using a Property Management Service
- Do You Need A Property Management Company?
- How a Property Management Company Can Help with a Vacant Rental
Want to Read More
Take a look at the following blogs to get more information about selling and staging your home.