Today we’re going to go into the details of the costs of selling your home. If you’re ready to get your property out there, these are some of the costs you can expect:
1. Paying for upfront repairs. This isn’t always the case for home sellers, but more often than not, it is. When I visit a home for the first time, I look for any glaring repairs that need to be done before listing. This will ensure the home is shown in its best light. I’ll make recommendations for staging as well.
2. Commissions. You can anticipate an average commision rate of 6% to 8% depending on the type of service you opt for.
3. Closing costs. Depending on the state you’re in, closing costs may vary. In Pennsylvania, these costs are split 50/50 with the buyer. That would include a transfer tax, a mortgage and deed recording tax, etc. If you’re in New Jersey, the seller typically pays that transfer tax on their own.
4. HOA fees. If your home is a condo or part of an HOA, you are going to have to order a resale certificate and association documents for the buyer prior to closing. This is an upfront cost you’ll have to pay.
5. After-repair costs. After the buyer has had their home inspection, it’s possible they might ask you to repair certain items or ask for a credit for those repairs.
6. Payoffs. If you have a mortgage, any kind of lien, or utility balances, you’ll need to pay those off at closing as well.
7. Moving expenses. You might have to pay for some storage as well.
8. Cleaning expenses.
Those are the basic costs of selling your home. If you have any questions or want to discuss any of these things further, don’t hesitate to give me a call or send me an email anytime. I look forward to working with you.