|When selling your home, your financial investment doesn’t end with the list price! |
Here are a few hidden costs that you should be prepared to encounter when you put your house up for sale.
Repairs and updates — Whether it’s a few coats of paint or replacing light fixtures, there will be small improvements and upgrades to be made. Plus, your home inspection may turn up a few things that need to be addressed.
Closing costs — Usually the buyer pays closing costs, but they might also request that you cover that as part of their offer. Keep in mind that closing costs are often 2-5% of the purchase price.
Fees— You’ll need to pay any outstanding sales and transfer tax, as well as property taxes. Make sure to also budget for things like title insurance, HOA fees, and similar fees.Nationwide, the average cost of selling your home is around $15,000. And of course, that number can be higher in more expensive cities.
But don’t worry: I am here here to help! As you get ready to sell your home, you have a trusted expert in your corner to help you budget, prepare your home for sale, list it, and review offers — so these hidden costs don’t sneak up on you.