When you’re selling your home, you aim to get the best possible price. That’s why it’s easy to forget about the costs associated with selling. If you’re selling the house, you’ll have to consider a few different costs. From estate agency to conveyancing costs, you can make a variety of choices that will save you money. So, here’s how much does it cost to sell your home in 2020.
How much does it cost to sell your home – Contributing factors
You’re thinking about moving from Monterey to San Diego with kids and selling the house? Well, how much does it cost to sell your home can depend on various factors. Like the local custom, government requirements, and the current real estate market. Is it a seller’s or a buyer’s market, or a fairly balanced marketplace? The prices of the sale in the purchase contract are negotiable. However, it might turn a buyer away if most sellers in your town are willing to pay for transfer taxes, and you don’t want to. Other factors are more personal. Like the condition of your home and how desperate you are to sell.
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Preparing the home
You must know how to prepare your house and make it sell fast. You can stick a for-sale sign on your lawn and you’re open for business. But, to sell the home you must invest some cash. So, take care of minor repairs and cosmetic issues before you list, at the very least. Also, address more serious problems now, if you suspect that an eventual home inspection is going to reveal some issues.
Real estate commissions
So, you’re selling your home and moving to Ontario from San Diego. Well, real estate commissions are probably the most significant fee you’ll pay. Expect to pay anywhere from 5% to 6% of the sale price. But, 6% is common. Half usually goes to the seller’s and half to the buyer’s agent. So, this is where some homeowners try to scrimp and consider selling the property themselves. But, that might not work out well. Because sellers earn about 20% more by hiring an agent over selling a home by owner.
Sometimes, agents are willing to negotiate their commissions. Like when the market is particularly strong or the sales price is significant.
How much does it cost to sell your home – Transfer taxes
Documentary transfer taxes add up a bit of money. But, they’re not universal. So, learn what are real estate transfer taxes. Some states don’t charge them. And they can vary a bit among the states that do. Usually, the tax is a percentage of the sale price.
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Other customary expenses
These costs can include:
- City transfer taxes
- Delivery or courier expenses
- Document preparation
- Escrow charges
- HOA charges
- Home warranties
- Loan tie-ins
- Loan payoffs and beneficiary demands
- Property taxes
- Recording fees
- Title insurance for the owner’s policy
- Pest inspections and pest completions
- Wire prices
- Attorney prices