It’s always better
to be prepared for the costs ahead of you so you can budget properly. Selling
your home is no exception. Though the point is to be able to make money before
moving on to your next home, selling is itself quite an investment, and there may
be costs that you weren’t aware of beforehand. Here are a few that you’ll want
to keep in mind.
Repairs
and Updates
Are your appliances
outdated and, well, quirky? Do you need to make repairs to your home’s roof,
electrical wiring, or flooring before you put it on the market? These repairs
and updates will help increase your home’s value on the housing market, but the
costs can rack up, so you’ll need to be prepared for them.
Landscaping
It’s not just the
inside of your home that matters. Curb appeal is crucial when it comes to
making a good first impression on prospective buyers. If you’ve neglected your
lawn in the past few months, now is the time to invest in landscaping. Even if
you typically do a good job of keeping the lawn mowed and raking up any leaves,
landscaping can help to take your curb appeal to the next level.
Closing
Costs
Closing on the home
sale itself has costs, usually about 2-5% of the sale price of the home itself.
Escrow fees are split between the buyer and seller, property taxes, and HOA
fees may all come into play. In some cases, sellers might cover closing costs
for the buyer if they desperately want to close on the sale. However, most
sellers will refuse to do so and in most cases, your realtor will advise
against it.
Realtor
Commission and Attorney’s Fees
Once the sale is
finalized, you’ll owe your realtor a percentage of the sale as commission. This
percentage is typically agreed upon beforehand, so this isn’t a cost that’s
likely to sneak up on you. It’s for this reason that some sellers consider
skipping realtors altogether, but the realtor’s housing market and local
expertise can be invaluable when it comes to selling your home. You may also
hire a real estate attorney to help mediate the closing, and in this case,
you’ll have to cover their attorney’s fees, as well.
Need help managing
the costs and knowing what’s the best investment when it comes to selling your
home? Talk to a College Station realtor today for more information
on getting the most out of your home sale.