As you prepare to sell your home, you’re probably thinking about the price a buyer will be willing to pay for it. You might not be focusing on how much it will cost to spruce up the property, find a buyer, and seal the deal. These are some of the top expenses you’ll have to cover.
Staging
Dirt, dust, clutter, and outdated furniture can make it difficult or impossible to sell a house. Before you put your home on the market, you should have it cleaned, remove family photos and other personal items, and decorate it with furniture that creates a positive impression. Professional staging can be costly, but it can make your house appealing to buyers and help you sell it quickly.
Repairs
Buyers want a house that’s in good condition and ready for them to move in. If your home has any health or safety issues, you should address them before you list the property. You should also apply fresh paint and consider other upgrades, such as installing new carpet, refinishing hardwood floors, and replacing kitchen hardware. The cost for those types of projects can add up, but the investment can help you attract a buyer.
Pre-Listing Inspection
A buyer who’s interested in your house will most likely have it inspected before moving ahead with a purchase. If the inspector notes any serious problems, the buyer can ask you to make repairs, request a price reduction, or walk away.
You’re not required to get your home inspected before you list it, but doing so can help you avoid a problem later. If the inspection reveals a significant issue, you’ll be able to take care of it before you put your home on the market. A pre-listing inspection can cost several hundred dollars.
Landscaping
Curb appeal is critically important when selling a home. You might need to hire a landscaper to mow the lawn, rake leaves, trim trees and hedges, plant flowers, or spread grass seed to fill in bare spots on the lawn.
Real Estate Agent Commissions
The seller generally pays commissions for both the seller’s and buyer’s agents. Commissions are a percentage of the sale price and are typically several thousand dollars.
Closing Costs
You’ll have to pay for title insurance, taxes, and other expenses to sell your home. In some cases, you’ll be able to negotiate fees or shop around and find competitive rates, but other charges will be non-negotiable.
Budget for Home-Selling Expenses
Selling your house can be expensive. Factor these and other costs into your budget. When you think about the amount you should put down on your next home, consider how much you’ll have to spend to sell your old one and plan accordingly.
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