What Financial Costs Should You Know About Before Selling Your Home?

home-1745377_640Selling your home can be one of the most stressful times of your life. From packing up items to getting your new routines in your new home organized and planned before even moving in, the list of things to do can be quite intense.

When it comes to selling your home, there is something else that can be quite stressful and something that people can forget when it comes to looking at the bank balance at the end; costs.

Yes, selling your home can incur some major costs/fees. How much? Well, you’d be surprised. When it comes to understanding more about house sale fees, a little bit of information can go a long way. That’s why Fast Florida House Sale have provided a handy guide to help get you started.

Realtor Fees

Realtor fees are the associated costs of using a realtor. The average fees for a realtor are around, 6%. This is usually split up between commission and fees for selling a home. The fees could also be split if it were a listing broker or a selling broker.

But what does that mean for a house sale. Well, let’s say you sold your home for $250,000. With a realtor commission of 6% and for examples, $500 for advertising fees, you would be sent a bill of $15,000.

Conveyancing Fees

Conveyancing fees are the associated legal costs with selling your home. Dependent on where you live, there could be local taxation associated with the sale of your home and when you start to bring together the costs of solicitors providing paperwork, assistance and legal information should you need it, you could be looking at a $5000 bill on top of your realtor fee.

Home Repairs

Part of the contract you may have to sign with your buyer is something to do with necessary home repairs. They may decide that until your roof is fully fixed from some damage, or your window seals re-adjusted in one bedroom, the sale of the house could not go through.

Once again, if you were to consider some of the average costs for these kinds of repairs, they could take you into the thousands of dollars.

So how can you avoid these kinds of costs?

If you take the traditional sales route of using a realtor, then there is some wiggle room to be had. For example, you could negotiate the sales commission. In some cases, it would work out that by simply getting your realtor to agree to even a 4% commission based on the example above, you would save, $5000.

You could also negotiate with your realtor about a scaled commission fee. This would be that they earn their total commission if they find a seller in the first 30 days of the house being on the market. However, for every 30 days after that period, you could scale it down 1% until you reach a flat percentage figure. Realtors sometimes opt for this condition so that they can have your business.
Are there any other ways to sell your home and avoid fees?
The simple answer is yes. However, there are some caveats. If you were to sell the house yourself, you would be removing some of the realtor fees however, you would need to pay for advertising, ensuring that you are at home for house visits and have to organize all the legal paperwork yourself for any successful home sale.

Then there is the cash for homes offers. These provide the benefits of your house being sold but in some cases, you could be getting only 70% of your total home value as they would incur the costs of advertising, finding buyers and solicitors fees as well. It must be noted though, some business offer great home values and are highly reputable.

Whichever you option you choose, be sure to keep an eye on the associated costs of any house sale. If you’ve spent the time to save for your home to come and sell it a few years later, the last thing you want to discover is the cost of selling your property taking too much of your money for your next house move.

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