When selling your home, it’s important to be prepared for various costs that might come up throughout the process. By understanding these expenses, you can plan ahead and ensure you’re maximizing your return on the sale.
Here’s a breakdown of the common costs involved in selling a home:
1. Closing Costs
Sellers are typically responsible for a variety of closing costs, which can range from 1-3% of the sale price. These include:
•Title insurance
•Transfer taxes
•Recording fees
•Attorney or escrow fees (depending on your state)
2. Repairs and Improvements
If your home inspection turns up any issues, you may need to make repairs to satisfy the buyer. Additionally, some sellers choose to make strategic upgrades before listing to increase their home’s value. The cost of repairs can vary widely, depending on what needs to be addressed.
•Tip: Consider a pre-listing inspection to address potential issues ahead of time, saving you from last-minute repairs.
3. Staging and Photography
Professional staging and photography can help your home stand out in today’s competitive market. While this isn’t mandatory, it can help your home sell faster and for more money. Depending on your market, staging and photography fees range from a few hundred to a few thousand dollars.
4. Moving Costs
Once your home is sold, it’s time to think about moving. Whether you’re moving across town or across the country, moving expenses can add up. Start planning early and shop around for quotes from moving companies to avoid surprises.
Calculate Your Net Proceeds
After accounting for these costs, it’s important to calculate your net proceeds—the amount you’ll walk away with after everything is paid. Knowing this number can help you plan your next steps, whether that’s buying a new home or investing your proceeds.
If you’d like a personalized estimate of your net proceeds and selling costs, I’d be happy to walk you through it. Contact me to set up a consultation!
