Do you want to be prepared for all home selling fees? Not sure what the cost to sell a house is?
If you’ll be selling your home soon, it’s important to realize that there are a lot of costs involved. To sell your home successfully, you’ll need to pay for several types of services and will face closing fees and taxes as well.
In this guide, we’ll tell you how much it costs to sell a house.
How Much Does It Cost to Sell a House?
In general, it’s best to expect that you’ll need to pay as much as 10% of your home selling price towards real estate commissions and other types of fees when selling.
However, the amount you’ll pay will vary based on a variety of factors. You’ll want to think about all of them when trying to predict how much it will end up costing you to sell your home.
Main Home Selling Costs to Know About
Here are some of the main expenses you’ll have when selling your house.
1. Commissions For Real Estate Agents
Typically about 5% or 6% will go to a seller’s agent at closing. While you can avoid this cost by selling a house yourself, it’s often not a good idea. An agent can be very valuable during the home selling process.
If you need help selling a home in Northwest Arkansas, you may want to learn more about Curtis Realty Group now.
2. Mortgage Payoff Costs
When you sell a house, anything you get from the transaction will go towards paying off your mortgage first. You’ll want to find out exactly what the payout amount is.
Keep in mind that you may also need to pay a prepayment penalty as well.
3. Home Preparation Fees
It’s best to prepare a home before selling it and there will be some fees involved.
When preparing your home, you may want to make some repairs. You may also make cosmetic improvements to improve curb appeal or improve your house’s interior.
Getting professional photos and videos for your real estate listing and getting your home staged may also be expenses you’ll need to handle as well.
When selling a home, you may also need to pay certain types of taxes.
You’ll likely need to pay a prorated share of property taxes up to your closing date. You’ll also need to pay capital gains tax if you make a high amount of money on your home sale as well. There may be other local taxes or neighbourhood fees as well, so be sure to find out what’s required in your area.
5. Closing Costs and Fees
There are other miscellaneous closing fees that you may need to pay when selling your house as well.
If you offered to sweeten the deal when looking for a buyer, you may need to pay part of a buyer’s closing costs. You may also choose to offer a warranty for repair costs for 1 year or may end up buying title insurance for the buyer as well.
6. Moving Costs
Finally, you’ll also want to plan for moving costs.
You may need to hire a moving company or rent a storage unit during your move. There may also be other fees tied to the logistics of your move that you’ll need to take care of. When preparing your home, you may want to make some repairs. You may also make cosmetic improvements to improve curb appeal or improve your house’s interior. Some larger repairs might even be covered in a home warranty plan that many homeowners opt for.
If you want to be prepared for the costs of selling your home, make sure to take all of the above information into account. By being prepared for the cost to sell a house, your sale and your move will be much easier to handle.
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