Selling a home is a big decision, and it’s one to which most people give a great deal of thought. After all, for many of us, our home is one of our most valuable assets. We want to think carefully and thoroughly about all aspects of the sale – not only about our list price, or the anticipated time it might take to sell the home, but also about the costs that might be associated with selling.
At GayRealEstate.com, we understand the importance of providing accurate information to help both buyers and sellers as they attempt to navigate the home buying and selling process. Some costs you might anticipate when selling your home include:
- Repair Fees: As you prepare to sell your home, you will likely take a close look at what wonderful, appealing, and unique features your home has – features that you will want to highlight to potential buyers. On the other side of the coin, you might note things about your home that could use some improvement, or upgrading. Making the effort to invest some time and a reasonable amount of money in making those upgrades and repairs will enhance your home’s appeal, and likely increase its value as well. In addition, if a potential buyer’s home inspector identifies problems with the home (a damaged roof, or a crack in the foundation, for example), you may be asked to fix those issues in order to move forward with the agreed upon sale. Obviously, depending on the upgrades and repairs you decide upon, costs will vary, but it is always important to keep these things in mind as you budget for selling your home.
- Home Staging: Some sellers make the choice to stage their homes, in order to assist potential buyers in envisioning what the home might look like after they move in. This can be particularly helpful in vacant homes, as stagers can use furniture to help buyers envision the possibilities that various rooms in the home might offer. Staging may not be a particularly significant expense when compared with others, but it is still one that is worth considering.
- Mortgage Payoff: For those who still have outstanding mortgages on their homes, the proceeds of the home sale will be used to pay off the remainder of the mortgage. If the payoff amount of the mortgage is less than what you actually owe, you will need to consider that as one of your selling costs as well.
- Real Estate Commission Fee: Of course, when selling a home, the real estate commission is usually the biggest fee that a seller will pay. How much that commission is will of course vary by agent and circumstance. As a general baseline however, the standard real estate commission is typically somewhere between 6 and 7% of the ultimate sale price. While that is a general number, in reality, real estate commissions are almost always negotiable.
One circumstance in which this might be the case is if you use the agent that will be listing your home for sale, to repurchase your replacement property. When you repurchase a property, your agent will be paid a commission from the home seller of the home you are buying, therefore they likely can save you money on the sale of your home.
- Closing Costs and Additional Fees: Typically, when a home is sold, closing costs are the responsibility of the buyer – although in some cases, particularly if it is a buyer’s market, you may be asked to pay the closing fees as part of the offer on your home. For this reason, it is wise to plan ahead for this potential cost, as well as other costs like property taxes, attorney fees, transfer taxes, title insurance, and other costs associated with the sale of a home about which a knowledgeable and experienced agent should be able to advise you.
If you are considering selling your home, rest assured that at GayRealEstate.com, we understand that it is a very significant and important decision, and it is not one that you make lightly. It’s one for which you need the assistance of a qualified and experienced real estate agent – one who understands and appreciates your goals with respect to the sale of your home, and will work diligently toward representing your best interests. At GayRealEsate.com, our mission and our passion is to match LGBTQ buyers and sellers with agents who know the communities well, are expert negotiators, will price your home correctly, and who also understand the unique desires and needs of our community. We would consider it a privilege to have the opportunity to help you find an agent to help you with the sale of one of your most precious and valuable assets. Connect with an agent today on-line at www.GayRealEstate.com or call us Toll Free at 1-888-420-MOVE (6683)