The Affordability
If you’re a shrewd homeowner today and are thinking about selling, you’ll want to know exactly what all the costs are, first. Or perhaps you need to sell your home (for any reason), but you’re not sure if you can even afford to – this post is for you. We are going to explore all the hidden costs of selling a home in the traditional fashion, and we’re going to be thorough. We’re also going to explore the other options you have if you’re in a pinch! Let’s go ahead and get started.
The Price
Of course, to begin, you’ll need to figure out what your listing price is going to be. For this part, it’s important to note you must be completely unbiased and objective. Many homeowners make the simple mistake of overpricing the home, due to personal feelings or attachments. Compare similar homes in your area, and what they’ve recently sold for. Don’t underprice either. Just make sure your price is in line with others, and leave yourself some room for negotiating.
The Agent
So, once you have your starting point you can start deducting from, the biggest fee is going to be the real estate agent commissions. Sellers typically pay these fees, for both your agent and the buyer’s agent. The national average cost is 6% of the sales price, for a total of both real estate agents’ commission fees. Even if you don’t use an agent yourself, you’ll still be responsible for the buyer’s. Therefore, you might as well have the advantage during the selling process, and just calculate real estate agent commissions into what you’ll pay.
The Staging
One of the most commonly missed hidden costs of selling a home is staging costs. Hiring a professional stager for your listing photographs is a smart move for attracting potential buyers, especially if you need new furnishings! Staging can be quite expensive, however. Be sure to shop around for the best price. How much does it cost? The average cost is $300-$600 just for the consultation, but be sure you ask the realtor if he or she is willing to pay, as many of them do.
The Photographs
Don’t forget to add the cost of a professional photographer to take the pictures, as this will make a huge difference. The average cost is anywhere from $75-$300 for a one-hour shoot, and may or may not include the actual photos. Expect to pay a little extra for the prints. Even if you decide not to pay for staging, do yourself a favor and hire a professional to take your photographs.
The Attorney
Since you’ll be processing a real estate transaction, you’ll need to hire a real estate attorney to handle it. Attorney fees vary greatly, so the best way to know these costs is to speak to one and get an estimate. Shop around to make sure you’re getting a good deal. This expense is usually included in your closing costs, but we’re breaking everything down so you can know more precisely what they should include, and thus what you will pay.
The Preparation
If it’s a buyer’s market in particular, but either way, you’ll want to prepare for your home sale. This is where you do the home improvements you’ve been thinking about, and work on your home’s curb appeal to entice buyers. Do the home repairs you’ve been wanting to get to but haven’t had the time. Don’t forget to include the materials in the repair costs, and the cost of labor if you need help.
The Inspection
A lot depends on the home inspection, so you might think about paying for a pre-inspection (the buyer typically pays for the inspection). If any major repairs are found to be needed, you will be responsible for the cost of these necessary repairs. Remember, nearly all prospective buyers will likely need to finance, which will be contingent on the home inspection, as it’s a lender requirement.
The Taxes
Normally, another of the common hidden costs of selling your home is the transfer taxes, which are normally part of the seller closing costs. Lucky for residents of Missouri, it’s one of the few states with NO transfer tax! However, remember to pay all outstanding property taxes you owe, to date. Property taxes are often overlooked in the costs of selling your home.
The “Others”
When selling your home traditionally, there are always “other costs” involved in the closing costs, such as the title insurance, escrow fee, and often the seller pays for the buyer’s home warranty. Additionally, during the negotiations, there may be other seller concessions.
But the average cost in total closing costs should be somewhere between 2%-5% of your selling price. So how much does it cost to sell a house? The estimated average cost is around 10% of the purchase price. Don’t forget the moving truck and other moving costs (storage, supplies, etc), as well.
The Mortgage
Of course, if you’re selling your home, you’re going to need to calculate your mortgage payoff amount. You can call the lender to find out if there are any prepayment penalties, and they should be able to tell you an accurate number with a prorated interest, and what the prepayment penalty is if any.
The Alternative
Here’s the clincher: if you need to sell fast, and don’t want to bother with all that’s involved in a traditional home sale, there is an alternative. Sell Your House Fast – Kansas City will buy your house for cash for a slight discount in exchange for:
- NO CLOSING COSTS!
- NO HOME INSPECTIONS!
- NO REPAIRS OR REMODELING NEEDED!
- NO REAL ESTATE AGENT COMMISSIONS!
- NO APPRAISAL NECESSARY!
- NO LISTING FEES!
- NO STAGING COSTS!
- NO PHOTOS NECESSARY!
- NO OPEN HOUSES!
We buy houses in any condition, for cash, right now. We are built on integrity and reliability, and we help folks who want to sell now, not a month or two from now. Life is unpredictable, and sometimes plans change despite what we believe would happen.
Sell Your House Fast – Kansas City
If you need to relocate and you want the straightforward simplicity of a cash sale, guaranteed – contact us at Sell Your House Fast – Kansas City. Just fill out the short form on our homepage, right here on this website. A representative will be in touch soon, to make an appointment to visit the property in person.
At that time, they will discuss your situation and answer any questions you may have. They will be prepared to make you a cash offer on the spot, and there’s no obligation to accept! We never charge a fee, we believe in full transparency. So check all the details out on our website, and get in touch today. Have the cash in as little as two weeks! Sell Your House Fast – Kansas City.
