Today I’d like to discuss a few home selling costs that are often forgotten. We all know that selling a home properly requires a bit of an investment on the part of the seller. People tend to focus solely on the commission they are paying to their agent, but there’s much more to think about in reality.
The first thing you should figure out, however, is how much you are paying in commission. Figure out what the listing broker fees are, as well as what you’re paying out to the co-broker who brings a buyer to the table. Let’s make certain that we know how much we are paying beforehand.
Next, you should look at closing costs. They include a number of different expenses, like:
- The title insurance policy
- Escrow fees
- Hazard disclosure fees
- HOA fees
Repair costs are another thing you’ll need to budget for. Even the most pristine houses can have small imperfections and you can be that buyers will ask for those repairs. Sometimes, in order to get a deal done, you’ll need to make those repairs yourself.
Mortgage interest is another cost that sellers tend to forget about. You will have to pay a portion of your mortgage interest after closing, so be aware of that.
Property taxes will also have to be paid by the seller up until the closing day. In some states, these taxes can get pretty pricey.
Finally, let’s not forget about moving expenses; trucks, storage, taking days off work, and so on can make a dent in your bank account if you’re not prepared.
If you have any questions for us or you’re considering selling your home, don’t hesitate to give us a call or send us an email. We would love to hear from you soon.