How Much it is to Sell Your Home:
If you are thinking about selling your home soon or even after the expensive holiday season that is right around the corner. There are costs you should be aware of that come in hand with selling your home. It all goes hand in hand with the decisions you choose to make in the process of selling. If you want to redo parts of your home or even repaint, you will need to spend a little extra money. You may even need to pay realtor fees, attorney fees, transfer taxes, and all of the other expenses while selling your home.
Although the market may be hot right currently, with over-ask bids and bidding battles becoming the norm, many potential home sellers are unaware that selling their house still incurs fees. Some fees are flexible, but homeowners should still anticipate having to pay all or some of the costs associated with selling a home. Let’s review what some of the costs may be when it comes to selling your home.
- If you are choosing a realtor to sell your home, you will have to anticipate putting anywhere from 4-6% of your purchase price to pay realtor fees. It can fluctuate depending on the state you live in and the company, etc. Also keep in mind that the seller pays for their own realtor and the buyer’s realtor. Even though the seller pays for the fees of the realtor, those are typically wrapped up into the selling price of the home. If you are planning on selling your home on your own, be ready to take care of negotiations, showings and transferring the title. If you want to consider using a realtor, give our call an office and we will help you with your needs to the best of our ability. Our realtors can help you decide when the best time to sell is, and how to take care of carrying costs like HOA fees, ongoing mortgage payments.
- Another cost is closing costs, many closing fees in a purchase of a home are under the buyer's purview. However, sellers must pay closing expenses as well. Although it's uncommon in today's seller's market, don't be shocked if you're requested to pay part of the buyer's expenses as well. HOA dues, transfer taxes, and title insurance are a few examples of these expenses. Escrow fees, brokerage fees, and courier fees could also be demanded of you. A real estate lawyer's fees will also be required at closing if you engage him or her to assist with contract negotiations
- You will still need to continue to pay for utilities even if you intend to leave your house before selling it. You will be able to estimate how much it will cost per month to keep the utilities on until a new buyer comes in by looking at your existing bills. However, there are ways to keep costs low even while you are not living in the home. This goes hand in hand with property taxes that should also be considered by sellers as they are typically paid in advance. The prorated portion of the property tax up to the closing shall be paid by the Seller and held in escrow. You could really receive a refund at closing if you're selling your house and have already paid your taxes for the year.
- Other optional costs are moving, home inspection, transfer tax depending on the state you live in, etc.
Selling your home comes along with an abundance of costs. These costs could end up being extremely expensive based on the decisions you make. In most cases, it can cost up to 10 percent of the purchase price to cover all of these fees. All in all, it will be worth it when the process is said and done.
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!