Are you thinking about selling a home soon? If so, do you know how you’re going to do it?
More importantly, do you know how much it’s going to cost? There are countless home selling fees and other costs that come with the process. However, they’re not exactly set in stone.
If you’re wondering, “How much does it cost to sell a home?” we can help you find the answer. Keep reading for everything you need to know about the costs and fees associated with selling a house.
When learning “how much does it cost to sell a house,” you must account for realtor fees. If you go the traditional route and hire a realtor, expect to pay at least 3% of your home’s sell price to your agent. For example, if your home sells for $300,000, you would owe your realtor $9,000.
In many cases, the seller also pays for the buyer’s agent. This would increase your home selling fees to $18,000.
Repairs and Renovations
The answer to “How much does it cost to sell a home?” largely depends on what you do to prepare your house for the market. The average home seller spends $21K on repairs and renovations.
However, this isn’t a requirement. You can sell your home in its current state but expect a lower offer. Additionally, if you’re home is in exceptionally rough shape, you might have a hard time finding a buyer.
In this case, it might be better to find a cash home buying company. Most cash home buyers will work with you to buy your home, regardless of its condition. Visit www.ibuysd.com for more information.
Inspection and Appraisal Fees
Generally, selling a house requires getting both an inspection and an appraisal. Your house must be inspected before a lender will approve their buyer’s offer. They need to verify the condition of the home to ensure there aren’t any major issues or damages.
The lender will also require an official home appraisal to confirm the real market value of your home. They don’t want to invest in a home that’s worth less than what they’re paying, nor do the buyers.
Finally, when answering the question, “How much does it cost to sell a home?” you need to include your closing costs. The closing process includes the transfer of the deed to your house, the lender’s underwriting process to approve the buyers, and more.
Closing costs are about 3% of the home’s sale price. Using the example above, that would be another $9,000. As a side note, you should know that cash home buying companies usually cover these fees for you.
How Much Does It Cost to Sell a Home?
If you’re wondering “How much does it cost to sell a home?” you can see that the answer depends on your unique circumstances. If you want to sell your home traditionally, invest in renovations, stage your home, and hire a realtor, it will cost a lot. Conversely, you can sell to a cash home buyer, but will probably make less on the deal.
The right choice depends on your priorities, your budget, and any time restrictions you’re under. For more real estate advice or homeowner tips, stick around and look through some of our other articles. Our blog was created to provide reliable information for people like you.