Every year, more than 5 million homes are sold throughout the United States.
When it comes to selling a home, there are a lot of expenses you need to prepare for and it’s easy to feel overwhelmed by these costs. The more you know about what to expect, though, the less stressful the process is likely to be.
Listed below are some of the most important expenses you’ll encounter during the sales process.
Ready to Sell a Home? Here are Some of the Expenses You Can Expect
Home staging can be a useful tool that allows potential buyers to envision themselves living in your home.
Most sellers find that it’s worth it to invest in the staging process and purchase some simple decorations to make the home more inviting. If you would like to learn more about staging, click here and take a look at our home staging tips.
Money going into escrow comes with a fee that is often split between you and the buyer. You may have to pay a pro-rated amount for property taxes and HOA fees as well.
Depending on the market, you may pay a portion of (or all of) the closing costs for the buyer. When home sales are slow, this can be a good way to get your house off the market.
A portion of the proceeds from the sale of your house will go to your real estate agent, too. You and your agent will have agreed upon the percentage they earn prior to putting your house on the market.
You may need to invest in some upgrades for your home before you sell. This might include home improvements that increase its resale value, such as kitchen upgrades, bathroom renovations, or improving the landscaping.
You’ll also need to consider the cost of cleaning and repainting your home to get it ready for the buyers.
When your home is sold, you’ll use the profits to pay off your previous home loan.
You’ll have to pay the principal of the loan as well as the prorated interested accrued leading up to the closing date. You may have to pay a mortgage prepayment penalty as well, but this is not always the case.
If you choose to hire a real estate attorney to oversee the process, you’ll have to factor their fees into the cost of selling your home. Their fees can range from a few hundred to a few thousand dollars.
Start Selling Your Home Today
As you can see, there are a lot of expenses you’ll need to plan for when it comes to selling your home.
If you keep this list in mind and start preparing early, the process will be easier to understand and you’ll have more time to find ways to cut down on costs.
Are you ready to sell your home? If you’re located in or around the Kansas City area, contact our team at Cami Jones & Company today.
We’ll help you through every stage of the selling process and ensure things go as smoothly as possible. We’re here to meet all your Kansas City real estate needs!