Don’t Forget About These Costs When You Sell A Home

When you think about selling your home, you’ll probably run the numbers to ensure you’ll be netting what you want.

There are many costs associated with selling a home. You’re probably aware of some of the common ones, like commission.

But what about those other costs associated with selling your home? Oftentimes, sellers will forget about the other costs when trying to calculate their bottom line.

Closing Costs: More Than Just Commission

Sellers are responsible for compensating both realtors in real estate transaction. For a seller, this is one of the largest costs of selling a home. Oftentimes, they are so so focused on this one cost that they forget about the other costs associated with selling a home.

Many sellers will forget that there are other closing costs they are responsible for paying. Closing costs are not just paid by the buyer. A seller will be responsible for paying their portion of closing costs, too.

Sellers can generally expect to pay anywhere from $200 to $300 in closing costs when they sell their home. This will help pay for the costs associated with compensating a title company for their work at closing.

Will You Pay Anything For The Buyer?

There are many times where a seller will pay a portion of a buyer’s closing cost. Depending on the price range and the loan type, the closing costs will have a range that is allowed by the lender.

This can be a hefty amount if you’re not prepared for it. Before listing your home, talk with your realtor about what closing costs typically run in your price range. The good news is though in a seller’s market you’ll have some negotiating power when you pay a portion of the buyer’s closing costs.

In addition, a buyer might ask you to pay for additional items as well at closing. They may ask for a home warranty or for you to leave certain items in a home. These items can all add up so be sure to keep those in mind when you calculate your bottom line.

Will You Have To Pay For Any Repairs?

Before you put your home on the market, it can be helpful to assess if you need to make any repairs. Things like repairing a leaky faucet, touching up chipped paint and replacing old light bulbs can all make sure that your home shows that it has been well taken care off.

In addition, a home inspection could reveal issues that need to be dealt with too. Depending on the type of repairs, this can be a fair amount of money that you’ll have to pay at closing.

The best thing you can do to help minimize the cost of repairs is by making sure that you take care of these repairs prior to listing your home. It will be clear that a home has been well taken care of if it’s in its best condition.

Utilities & The Cost Of Maintenance

If you’ve moved on a from a home, you’ll still be responsible for maintaining it until closing. You’ll be responsible for paying utilities and maintaining a home until you close.

The cost of mowing the yard and keeping up with your yard can be a monthly expense. In addition, you’ll want to keep utilities on until the homes closes.

Are you thinking about selling your West Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached by phone at 865-696-1888 or at [email protected].