The Cost of Selling Your Home

Posted by Steph Kaye on Wednesday, December 10th, 2014 at 4:19pm.

What's Included in Costs of Selling a Home

 

If you’re considering of selling your home, you probably expect the profits to be based on your estimated home value and the balance remaining on your mortgage. It is important to remember that putting your home on the market comes with costs of its own. However, homeowners can get creative and comparison shop to reduce their costs and increase their bottom line. Some may feel as if they would rather spend money to buy their next property rather than to sell their house, but they have to remember that careful spending on the marketing of their home can result in a higher profit.

Getting Your Home Ready to Put on Market for Less

Before you list your home for sale, it is necessary to spend some time and money getting the property in really good, buyer-friendly condition so it reaps the highest possible purchase price. It is really beneficial to consult a realtor who can tell you the best ways to spend your time and money.

Getting rid of clutter, organizing closets, reducing the amount of family pictures and making sure your house is very clean are all cost-free steps that will go a long way to improve your home’s appeal. Also, inexpensive fixes such as replacing cabinet knobs and light bulbs can make your home look cleaner and more modern without costing a lot.

Limit Your Spending on the Marketing 

Once your home is on the market, it’s important to make it available as often as possible for potential buyers and their agents. While staying away during a scheduled open house is easy to arrange, having to leave your home for an unexpected or last-minute visitors can really mess with your and your family’s lives, especially around mealtimes.  If you have a pet, you may be willing to pay for boarding. Instead, look into pet-sitting exchanges or develop a routine to take your pet with you when you leave so it can be shown.

Closing costs on a home sale are typically a  much greater expense than restaurant meals or pet care, but sellers can take steps to keep their costs as low as possible. Home buyers most often pay most of the closing costs, but this can be negotiable and varies according to local market conditions.

Usually, the largest closing cost paid by sellers is the commission for the agents involved in sale. Commissions vary by location and are negotiable, but they can be up to 6% of the sale price. As a seller, you can negotiate the commission with your listing agent, but remember that working with a knowledgeable realtor can help increase the sale price of your home .

Other costs at the closing for sellers also could include paying off your loan balance, any unpaid property taxes and outstanding homeowner association dues, and these are not negotiable. Depending on whether you hire your own attorney and on the local practices in your market, you may need to pay an attorney’s fee, transfer taxes and a title insurance premium. Check with your agent and a title company to get an estimate of your costs and to ask if any of those fees can be reduced or negotiated.

If you are in the market for a new house and would like information on homes for sale, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you. 

Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Lang Premier Properties. See what past clients have to say about Stephanie Lang.  Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.


4 Responses to "The Cost of Selling Your Home"

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Posted on Wednesday, December 10th, 2014 at 6:40pm.

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