So, you’re ready to sell your home to start a new adventure, and you’re wondering how much you should budget for. Some sellers may not realize the amount of money they’ll be required to pour into their home sale until they reach the closing table.
When you’re selling your home, it’s essential to be well aware of all options available to you and budget accordingly. Be prepared for the additional costs that come with a home sale. Keep reading to find out what to expect when you’re getting ready to sell your Seattle home and an alternative that you may not know of.
What Expenses Should I Be Prepared For?
The average cost of selling a house is nearly fifteen percent of its sale price, including various expenses such as agent commissions, home improvements, closing costs, and moving fees. If you sell a home for $250,000, you might pay around $37,000 to cover selling expenses. Let’s take a more in-depth look at the added costs you should be prepared to budget for.
Working with a real Real estate agent, commissions can run anywhere between three and seven percent, depending on where you live and what you can negotiate with your agent. A four percent real estate commission on a house selling for $500,000 will set you back $20,000. The commission is split between your agent and the buyer’s agent.
You could also fly solo and sell your home without an agent, but you still might be responsible for paying the buyer’s agent if an agent represents the buyer.
Besides repairs, consider whether you need to make any renovations to the home, what you might spend in both time and money, and the potential return on investment. For example, kitchens are the most critical space for some buyers.
However, focusing on smaller renovations that add value for buyers might make more sense if you don’t have as much time or money to spare. Instead of a complete kitchen overhaul, for instance, you could spend a weekend updating cabinet pulls and installing a new backsplash.
It’s also essential to ensure no faulty areas could later cause issues for a home sale. Be on the lookout for any leaky faucets, lousy plumbing, and so on, and be sure to get those fixed sooner rather than later.
When prospective buyers see your home for the first time, you want them to focus on the home’s best features while visualizing themselves living in the space. That’s where staging comes in. Stage involves arranging furniture and decor to make the home as visually appealing to buyers as possible – an external designer usually does this.
Based on average prices, you can expect to pay anywhere between $2,300 to $3,200. Staging can pay off when you’re ready to sell, as twenty-nine percent of sellers’ agents reported an increase of one to five percent in the dollar value offered by buyers.
Once you and the buyer both sign the purchase offer, the buyer will schedule their home inspection to determine whether your home has any underlying issues that could impact value and safety. Though you don’t have to pay anything for the assessment itself, it could open the door for further negotiations and additional expenses for you.
The act of transferring ownership of your home to someone costs money. As the seller, you’ll be on the hook to pay some of the associated fees, such as:
- Title fees: Before you can sell your home, the buyer will request a title search to make sure that you own the house free and clear of any liens or bankruptcies. The buyer and their lender will also obtain individual title insurance policies for protection against fraud, forgeries, and other unforeseen title issues.
- Transfer tax: Depending on where you live, you’ll need to pay a non-deductible transfer tax on the sale of your house to complete the transaction. The tax will be calculated based on the value of your property.
- Property taxes: Depending on where you’re located, the time of year in which the transaction is closed, you might have to pay for the previous year’s taxes.
Wait, There’s a Better Way?
Like late fees, ATM fees, and shipping fees, the costs associated with selling a house can be hard to swallow. There are many people involved in the process from start to finish, and you’ll need to pay the individuals involved along the way. But, there is a simpler, cheaper, and straightforward way to sell your property and avoid all the expenses mentioned above.
Homebuyers can make the process a lot easier. The right company could offer the solution you’re hoping to find if you want to sell quickly without having to worry about the additional costs. There’s no need to put more money into your home with home buyers, nor do you have to worry about commission fees or staging.
Sell To Your Local Seattle Home Buyers
If you’re selling a house in Seattle, why pay the extra money if you don’t have to? At I Will Buy House, we buy houses in Seattle, and we can help you get your home sold in as little as a week, guaranteed. There’s no wait time or fees involved with working with us. We do all the work, so you don’t have to.