As the major asset in most people’s lives, selling a home means dealing with some of the biggest numbers you are ever likely to see. This sometimes makes the ‘extra’ costs associated with selling your home insignificance, but working out how much it will cost to sell your home is an important consideration whether you are relocating, downsizing to a smaller property, or liquidizing your asset completely.
So what are the major costs associated with house sales in the US these days?
Making Your Property Ready for Sale
If you want to achieve the best price possible for your home – and who wouldn’t want to? – then, you should invest in its appearance before you even think about marketing it.
Perhaps your home could some paint, or maybe your lawn requires some tender loving care? Spending a few dollars on making your home more attractive to would-be buyers may help you get a better price than you had expected, but it all needs up-front expenditure. Unless you live in a property that is already like a show home, you should budget around $500-$700 to update your home with those little jobs that you’ve been putting off until now.
Marketing Fees
Finding buyers for your home does not come for free. It is true that you can market your home yourself but this often means spending more than you would end up doing bypassing the job to an estate agent. It’s what we do, after all, and can offer so many ways of advertising that individuals simply cannot achieve, and as you know more exposure means more offers! You won’t need to pay up-front, however. Estate agents charge a commission of the sales price, 6% is pretty standard where 3% will go to the buyer's agent.
Legal Fees
You should never sell such an important asset as your home without proper legal advice. You will need to appoint a solicitor who will carry out the necessary legal matters, known as conveyancing. Conveyance fees are separate from title fees and closing costs. The average conveyancing fees hover around $900 for a single-family home purchase. Among other things, this makes sure that your buyer has the necessary funding to complete the deal. If there are complications with the sale or you live in a large property, then expect to pay up to double this figure.
Moving Cost
Moving Expenses are worth their weight in gold when you need to load all of your belongings on your given moving day. This is especially the case when you are relocating to another town or city in the country because it takes the hassle out of moving and allows you to concentrate on other important jobs. Trained operatives who are used to lifting bulky items are especially useful. Expect to pay between $300 up to $2000 depending on the number of bedrooms you have.
The Costs of Your New Home
In a perfect scenario, you move into your new home, BUT sometimes it doesn't work out, especially in this market, and you have to use your plan B unless you are moving in with someone else. This would include further legal fees, invoices for surveys, and maybe shelling out for setting up a new mortgage. If you are moving into rented accommodation, then you may need to pay for a landlord’s reference and to pay the first month’s rent in advance plus a deposit.