The Costs Involved When Selling Your Home
When people decide to move, one of the top searches they make is, “sell my house fast.” While a quick sale is preferred, make sure you are prepared for all the associated costs. Below are 14 costs typically related to selling a home that you should know.
- Agent Commission
Besides cash home buyers who might be able to forego traditional sales methods, most property owners will need to deal with agent commissions. Real estate brokerage firms and agents earn a percentage from home sales for finding a buyer. Their commission is based on the sale price for the house.
- Closing Costs
Another factor associated with a traditional home sale is the closing costs. The closing costs are typically between one and two percent, but they can be as high as five percent. We buy houses straight from the owner, which simplifies the sales process and eliminates many of the usual incurred expenses.
One of the more significant expenses is professional home staging. While not a mandatory expense, staging a home helps to sell a house faster because future homeowners can see how different spaces in the home could be used. Most professionals will tell you that when selling a home using traditional methods, staging is money well spent.
- Transfer Tax
Transfer tax is a fee for transferring property into the new owner’s name. While not every state, county, or city will charge this fee, it is usually a percentage of the sale price.
When preparing a house for showings, it is often necessary to strip away any personal touches. The first thing that will typically need to go is any vibrant or odd color choice on the walls. When selling a home, you want to use neutral colors.
- Carpet Cleaning
When going the conventional route, you will want to hire a carpet cleaning service. However, if you choose to sell your house fast for cash, then you should save time and money by avoiding this added expense.
If your house doesn’t sell immediately, and you are forced to move before a sale, then you might need to hire a landscaping company. The cost of maintaining a vacant home will only continue to grow until a buyer comes along.
- House Cleaning
One service that may be necessary on an ongoing basis is house cleaning. Sure, you use it once to prepare the house for showings, but what about after showings? Also, don’t forget that you may need to live in the property during the showing process.
- Lawyer Fees
Unlike the “sell my house fast” options, a traditional home sale may require attorney fees. While not always mandatory, these fees can reach $1,000 or more.
Going the conventional sale route takes time. Depending on the area and the price of your home, a sale may even take months. During this time, you will need to continue paying for utilities, even if you don’t live in the house.
- Title Insurance
Are there any liens or other property issues with your home? To ensure a buyer is getting a home free of all liens, the seller typically pays for title insurance which costs approximately 1% of the sales price.
- Mortgage Payoff
It’s easy to think of the sale price of your home as money in your pocket, but the funds received from the sale of the house will first be used to pay off anything outstanding on the mortgage. After the mortgage is paid, along with any fees, the remainder is for you to keep.
- Home Repairs
A downside to conventional home sales is that you will typically need to invest in a property you no longer want. For example, buyers may be reluctant to buy a property with water damage, so you might need to make repairs before putting your property on the market.
- Inspection Repairs
Aside from making obvious repairs, you may be required to cover hidden repairs found on inspection. These hidden expenses can be substantial and greatly reduce the amount of money you will receive at closing.
There is a Better Way!
Many sellers are surprised to learn that they can receive the same net amount of cash without any of the hassles by selling their homes for cash to companies that buy houses, like OutFactors. As a company that specializes in the “Sell My House Fast” approach, you avoid many of the costs listed above. We love buying homes for cash as-is, and we don’t expect you to change anything about your house to make the sale.
At OutFactors, offers are always fast and free. So why not get your cash for house offer today and then crunch the numbers. Once you do the math, you may be pleasantly surprised to find out that the cash for house offer gets you the same amount of cash but without all of the hassles of selling a home the traditional method.
We Will Pay Cash for Houses
To learn more about our easy cash for home buying process, we invite you to visit OutFactors.com, and if you are ready to get your fast and free cash for house offer, click here.
539 West Commerce Street
Dallas, Texas 75208