If you are a homeowner who is ready to put your property on the market, then you might already be imagining the wads of cash you will receive when the sale goes through. After all, real estate is a hot market and chances are your home’s value has appreciated over the years. And while you may be entranced by the idea that you will make a great profit, you need to snap out of it for bit.
While it’s true that you likely will end up receiving money, it’s easy to forget that selling a property costs money too. At times, this could mean a lot of money. You might already be aware of the commissions you need to pay for your listings, but there are other hidden costs you need to be aware of if you are going to sell your house.
1) Beware the Repair
If you have let your home’s maintenance lapse through the years, then you might need to hire a general contractor to patch it up. Your potential buyers could immediately notice rotten wood, chipped paint, and cracks in the ceiling. If they don’t, then their home inspectors definitely will. Even the seemingly small problems could actually be hiding worse maintenance issues. If you try to hide these issues with sloppy repairs, you could end up with fewer offers that are way lower than your asking price. To give your home the best shot at the market, you need to have these repairs done. You could, however, end up spending anywhere between a hundred to thousands of dollars to fix your property.
2) Pricey Professional Photos
According to a 2015 report by the National Association of Realtors, nearly half of all home buyers will start looking at properties online, and the property photos are overwhelmingly viewed first. Unless you know how to get the perfect shot, it is arguably a good investment to hire a professional photographer.
How much you will pay the photographer usually depends on how big your property is, but expect to be $500 to $1,000 poorer after the photoshoot.
3) Staging and Landscaping Expenses
Your potential buyers need to be able to visualize what it could be like
living in your home. This is why staging is important when you do your open
house. Professional home staging services have varying prices, but a 2015
survey of the National Association of Realtors gives an average of $675.
Just like staging, landscaping can greatly improve your home’s curb appeal,
which plays a huge part in making a first good impression to potential buyers.
In fact, studies show that improving your landscaping can raise your home’s
value by up to 12%. With fresh grass, new plants and flowerbeds, you can expect
that your potential buyers will definitely be impressed. You can also count on
paying around $3,000 for all that greenery.
4) Costly Closing Costs
Once your sale has been finalized, you will spend roughly 2% of your home’s sale price for the closing costs. These closing costs include mortgage processing fees, escrow fees, transfer taxes, and notary fees. You will also pay any outstanding property taxes.
With all of these fees and forms that need processing, you might even need to hire a real estate attorney. You need to be certain of all the details concerning the sale, so having an attorney will help you oversee your side of the transactions.
Needless to say, all of these expenses could be quite a hassle! The good news is – you don’t really need to go through it. You could simply sell your Jacksonville, NC home to Blue Hen Homebuyers. With Blue Hen Homebuyers, you don’t need to spend for repairing, home staging or landscaping, because your home will be bought as it is.