Costs to expect when putting your home up for sale
Planning to put your home on the market? You might be thinking all you need to do is create a listing and find a buyer for the house, right? Well, this could not be further from the truth. It may seem simple at first, but in reality, selling your home in NY can be a very stressful process, especially if you are doing it on your own.
The vast majority of people are often not aware of the costs associated with selling their property. Many homeowners fail to assess the potential expenses associated with the home selling, which may affect your financial goals adversely and undercuts the supposed profits from the sale.
So, whether you are selling your home for financial reasons, due to job transfer, or any other specific reason, expect to pay a lot of upfront expenses when selling a piece of real estate. It is best to determine the various expected costs and consult with a real estate expert in NY before putting your home on the market for sale.
Following are the various costs associated with putting your home up for sale:
1-Home repairs and inspection
A home inspection is a crucial step before putting your home on the sales listing in NY. The inspection would also determine which home repairs are essential to be done before selling the house. So, you might need to pay a few hundred/thousand bucks for a home inspection and various repairs before listing your house. If you skimp on the repairs, you might have to lower the price of your property as the buyers would not be willing to pay more if they have to spend on those repairs after buying the house.
2-Staging cost
When showing your home to potential buyers, staging plays a crucial role. Home staging helps in highlighting your home’s most impressive assets while helping buyers imagine living in the space. Poor staging not only makes the potential buyers lose their interest but also results in low bids. Therefore, it’s essential to do it right. However, it doesn’t mean you should spend money on expensive installations. Prospective buyers want to visualize the space as their own. Thus, de-personalizing and keep the space as simple as possible with the basics help in selling it faster.
3-Moving costs
Reducing the clutter in your home is crucial to preparing your home for showings. Therefore, when selling your home, you would also need to move your stuff to a temporary storage facility until you can move into your new home. The cost for the storage fee may cost between $500-$700 hundred or over $2k if you also hire movers.
4-Closing costs
When the sale for your home has been finalized, you might still need to incur some closing costs. These closing costs usually include sales tax, property title transfer fee, lawyer fees, and some other charges before the final transaction on the closing day. The closing costs typically amount to 1-3% of the home price.
5-Real estate agent commission
As property selling is stressful, many people prefer to hire a real estate agent to make the process smoother. The real estate agents usually take care of all the home selling requirements and charge a percentage of the property’s sale value as commission. If you want to sell your home faster at a profitable bargain, it is best to hire an experienced real estate firm for assistance.
At Vision Real Estate, our experienced real estate agents have more than a decade of experience helping clients sell their residential and commercial properties and secure profitable property deals in NY. So, if you are looking to sell your home without any hassle, get in touch with our team for expert assistance.