When you set out to sell a house, your goal is simple: Get a fair price for the house, sell successfully and move on. But without some research, you may not know about the hidden costs of selling a house. Many homeowners may be unaware of how much the process of selling a house can cost, which is why we’ve put together some information for you. Read on to learn more.
The Hidden Costs of Selling a House
The hidden costs of selling a home tend to fall into two major categories: home repairs and preparation to sell, and closing costs. We’ll take a closer look at both.
Home Repairs & Preparation
This is everything you have to do before closing. It may seem straightforward – and certainly there are ways to make it cheaper by DIYing projects or opting for less expensive alternatives – but even with the cheapest option there will be costs. Here are a few to keep in mind.
Professional Cleaning Service
The level of deep-cleaning you’ll want to do before moving out is probably best done by professionals. They’ll have tools to help them reach every crevice of your home and deep-clean carpets. Alternatively, you can do your own cleaning, but you’ll need to be sure you have the right tools and gear. Whichever way you go, this can add up.
Painting
As with cleaning, you can DIY this or hire professionals. If you choose to do it yourself, you’ll need paint, drop cloths, painting equipment, a ladder, painter’s tape and supplies to clean the walls prior to painting. Depending on the state of your walls, you may also need primer. This can add up quickly!
Landscaping & Lawn Care
Even if your idea of landscaping is purchasing a few shrubs or flowers to enhance your front lawn, you’ll still need to buy them. The time, energy and cost of manicuring your lawn, pulling weeds and planting flowers shouldn’t be underestimated. Alternatively, you can hire a landscaping crew to come in and dress up your yard.
Professional Photography
This is especially important if you are going FSBO. You’ll want to make sure that the photos you use for your home’s listing are excellent. A professional real estate photographer will know how to work with lighting and feature the important parts of your home. However, a professional photographer can be costly.
Miscellaneous Supplies
Aside from these bigger costs, don’t forget that you’ll likely need things like light bulbs, a replacement for that leaky faucet, caulk to fix around the windows and more. Little things can quickly multiply!
Closing Costs
Whew, you’ve made it to the closing. But your costs aren’t done yet – there are a number of fees and payments that a seller has to cover at closing. Here are the major ones.
Real Estate Agent Commissions & Fees
The biggest chunk of your closing costs will be payments to your realtor – usually around 6 percent of the sale price of the house! This goes to your listing agent and, if the buyer had one, the buyer’s agent.
On top of that, there may be other fees or your percentage commission could be higher, depending on where you live.
Taxes & Legal Fees
Again, a lot of this depends on where you live. But in most cases, you will have some legal fees and taxes – perhaps even a capital gains tax – that you’ll have to pay upon selling your house. In addition, you may have to pay prorated amounts for utilities, notary fees and other fixed rate fees for the closing company.
Mortgage Payment
Aside from these, you’ll also have to pay off any remaining mortgage on the house you just sold. Depending on how much equity is in the house, this could eat up a substantial amount of money.
Want a Fee-Free Sale? Contact Ben Buys Indy Houses!
If all of this sounds a bit overwhelming, consider selling to Indianapolis cash home buyer Ben Buys Indy Houses. When you sell to us, we can save you a lot of time and money! Here’s how:
- No need to update, repair, repaint, clean or remodel – we purchase all properties in as-iscondition!
- Facing foreclosure? Moving deadline? Whatever your situation, we can work with you to get your money in as little as a week!
- You walk out of the closing with a check for the full amount in your hand!
- No realtor commissions or fees!
We can make selling your home fast and easy, and we have the satisfied customers to prove it.
Unlike many other cash buyers, Ben Buys Indy Houses is a reputable team of local Indianapolis people like you. We pride ourselves on our honesty, integrity and ethical behavior. You can rest assured you’ll get top-notch service from us! Contact us today to learn more.
