Large home selling costs and how to prepare for them.
Selling a home doesn’t come cheap. Between realtor commission fees, staging expenses, closing costs, repairs, and renovations, it’s easy to run up a hefty bill. To help, we’ve rounded up some of the lesser-known selling costs so that you can plan ahead and be prepared for selling expenses.
Real estate commission
Home sellers typically pay for both their agent and the buyer’s agent, putting them on the hook for twice as much as they expected. The average real estate agent charges 3% in commission fees, so you’ll need to hand over a total of 6% of your home’s selling price when all is said and done.
When you finalize your sale, you’ll also be responsible for 1-3% of your home’s sale price in closing costs. During a real estate transaction, there are multiple steps and professionals who ensure the sale is legitimate.
Repairs and renovations
Have a cracked driveway? Need to replace old lighting fixtures? The costs to get your home ready for the market add up quickly. If you don’t want to spend money on repairs, you can list your home “as is”, however, doing so will likely lose you more money in potential profits than you’d save on repairs.
Were you aware of these home costs? When you’re looking to purchase a home, make sure you enlist the help of Andraya Coulter to find the best home loan to fit your needs and your budget. I assist California and Texas with all their home loan needs. Contact me to get started today!