How Much Does It Cost to Sell My Home?

When you are thinking about selling your home, you need to remember there are several different everyday selling expenses and costs that you will need to pay either upfront or from the proceeds of the sale. It is easy to overlook these and then be shocked later when you do not get as much at closing as you thought you would. 

In addition, if you have a current mortgage, your lender will receive their payment first before you receive anything. So, you will also need to subtract your mortgage loan payoff from your estimated sales price to determine how much you will have left after the sale of the home. 

Common Selling Costs and Expenses

The first thing you need to be aware of is common selling expenses will cost you, on average, around 15% of your home’s sale price. However, the actual amount you pay could vary based on various factors, such as the overall condition of your home, buyer concessions, real estate agent commission, and so on. 

For example, if you sell your home for $300,000, you will end up with $255,000 after taking 15% in common selling costs and expenses off the sales price. Suppose you owe your mortgage lender $200,000. Then you would receive $55,000 after closing. 

Preparing the House for Sale

Getting your home ready for sale will incur several different costs and expenses. You will need to pay these upfront and recoup the money after selling the house. It would help if you were prepared to spend money on the following items:

• Maintenance – You will need to bring all maintenance items current before listing the home.
• Repairs – You will need to make all repairs, so the house is in decent shape for prospective buyers.
• Home Improvements – If you want to boost the value of your home, you will incur home improvement expenses to remodel your bathroom, kitchen, or other rooms.
• Touch-Ups – You will need to make touch-ups like painting the walls, trim, etc.
• Decluttering – You will need to spend time decluttering the home and getting rid of anything you do not want or need.
• Cleaning – The house will need to be detailed cleaned, including washing the windows and baseboards, so it is spotless.
• Professional Carpet Shampooing – If you have carpeting, you will need to have the carpets professionally cleaned.
• Storage Fees – There will be storage fees for any items you want to keep but must be removed to declutter your home.
• Staging Fees – These can be fees associated with staging your home, such as paying an interior designer to help with each room’s layout and furniture placement.
• Curb Appeal Enhancement Fees – The exterior of the home will need repairs, maintenance, cleaning, and touch-ups to improve the house’s curb appeal.
• Professional Pictures – You will have to pay a professional photographer to take professional pictures of your home once it is staged to use for your listing.

Showing and Open House Fees

Once your house is on the market and you are waiting for a potential buyer to make an offer, there will be showing and open house fees. Some of the more common ones include:

• Increased Energy Bills – You will need to leave all the lights on and ensure the indoor temperature is comfortable. As a result, your energy bills will increase.
• Pet Boarding Fees – During showings and open houses, you will need to remove your pets. If you do not have a relative or friend that will take them in, you will have to pay to board them.
• Cleaning – You will need to keep the home spotless. So, you will need to do the cleaning yourself or have a professional cleaner clean the house daily.

Moving Costs

At some point, you will need to move out of your home either before closing or shortly thereafter. Therefore, you need to remember to include all costs and fees associated with your upcoming move, such as:

• Moving Boxes
• Packing Supplies
• Moving Truck Rental for DIY Moves
• Hiring a Professional Moving Company

Closing Costs 

Closing costs will net you between 2 and 4% on average of the home’s selling price. Some of the more common closing costs you will need to pay include:

• Property Taxes
• Title Transfer Costs
• Home Inspection Costs
• Recording Fees
• Survey Costs
• Title Insurance Fees
• Appraisal Fees

Real Estate Agent Expenses

Your real estate agent will expect to be paid for all their help and assistance in preparing, listing, advertising, and selling your house. Your realtor will take a percentage of the sales prices for their commission fees, which can run you between 5 and 6% of the sales price. Part of the commission fees you pay your realtor also covers the buyer’s agent’s commission. 

Seller Concession Costs

Prospective buyers can make specific seller concessions as part of their offers to purchase the home. For example, the buyer could request that you pay all closing costs and pay for their home warranty. Or the buyer could request you transfer all taxes and pay them for the current property tax year. 

If the seller pays these things, then they are added to the sales agreement. However, the seller could counter as they negotiate to reach a suitable agreement. 

Mortgage Prepayment Penalties

If you have a mortgage with a prepayment penalties clause, you will have to pay these penalties as part of the payoff on your mortgage. Contact your mortgage lender directly if you are not sure whether you could be stuck with prepayment penalties. 

How to Reduce the Costs to Sell Your Home

There are several ways you can reduce the costs to sell your home. For starters, you could attempt to do most of the things needed to prepare your home for sale yourself. However, you will want to leave electrical, gas, and HVAC repairs and maintenance to the professionals.

Another thing you can do is take care of all the decluttering and staging of the home yourself. You could also try to reduce closing costs by limiting seller concessions or not agreeing to any, which is possible when there is a seller’s market. 

You could even forgo hiring a realtor and attempt to sell your home on your own. However, there is a lot of work involved in house-by-owner sales. You will be responsible for preparing the home, taking pictures, listing it, advertising it, managing showings and open houses, etc.  

The Best Way to Reduce Your Costs to Sell Your Home

The best way to reduce the costs and fees you incur when you sell a house is to sell it in “as-is” condition to a cash investor. By doing so, you do not have to invest any money into repairs, maintenance, touch-ups, or staging the house. 

Furthermore, you do not need to hire a real estate agent and worry about their commission fees. Not to mention, when you get to closing, the closing costs are much less, and there are no seller concessions to worry about the cash investor making. 

How Do I Sell My Home to a Cash Investor? 

The easiest and fastest way to sell your home to a cash investor is to sell it with 800CashToday. Home sellers can sell their homes for free through our service using these simple steps: 

• Step 1: Enter a few details about your house or call 1-800-CASH-TODAY.
• Step 2: Get a fair cash offer from our local cash investor.
• Step 3: Accept the offer or decline—you are never obligated to sell.
• Step 4: If you accept the offer, the buyer will arrange the closing based on the flexible move-out date you select.
• Step 5: Close on the home and receive the proceeds from the sale.

With our service, you do not have to worry about showings or open houses since we match motivated buyers with sellers. However, some cash investors do like to view the house before making their cash offers. When they do, we work with you to arrange a viewing at the most convenient time for you. 

Other ways we can help you save money and reduce the costs to sell your house include:

• We help with local moving costs.
• We offer up to a $10,000 cash advance once you accept an offer and open escrow.
• We provide you access to free credit repair if you need it.
• We can arrange for a fast 7-day sale if you need to sell and close quickly.

Instead of wasting time and money incurring costs and fees to prepare your home for sale and losing as much as 15% or more of the sales price, sell your home with 800CashToday now! Please feel free to contact us by calling 1-800-CASH-TODAY if you have any questions or require further assistance listing your house for sale on our website.