How Much Does It Cost To Sell a House?
What are the Costs Associated to Sell a House?
Ready to sell your house? Congrats! Time to start a new adventure. First, you need to get your current home sold. One of the most common questions that our HomeHunt team receives is, how much does it cost to sell a house? We completely understand this question and concern and are here to provide you with some answers.
What is Involved in the Cost to Sell a House?
It costs about 15% of the sale price to sell a home. This percentage includes agent commissions, home improvements, closing costs, and moving fees. That may sound like a lot but the cost to sell a house differs with every seller. You may be able to skip certain expenses depending on your specific situation.
A common money concern when it comes to selling a home is how much a seller must pay their agent in commission. A standard commission is about 6% of the home’s sale price which is normally split between the seller’s and the buyer’s agent. You may be thinking that you should sell your house on your own without an agent to save money. Our HomeHunt professionals do not recommend this option. An agent can help you sell your home efficiently and are worth the commission they receive. They will help you in all aspects of the selling process and provide you with a marketing plan to sell your home as quickly as possible. Selling your home on your own may sound appealing at first, but a listing agent will provide you with numerous benefits and negotiate the best price for your property.
Another fee that comes with selling a home is the home inspection. Home inspections are important as they can uncover problems with electrical, plumbing, roofing, and foundational issues. Once you receive the report from the home inspector, you can fix these issues before selling your home and having to account for the problems in the sale price. Home repairs can drastically slow down the closing process, so it is important to get your house into top shape before listing.
The average closing costs that a seller must pay is around 1-3% of the home’s sale price. Closing costs are fees for services that help officially close the deal on a house. Buyers normally pay for an attorney, title insurance, title transfer, and any remaining taxes. On some occasions, sellers will offer to pay the buyer’s closing costs to help move the selling process along.
Depending on the size of your home and the number of items you own, moving out of your home could cost between $500-2,000. Renting a moving truck or hiring a moving company is the most efficient way to move out of your home and into your new living space.
If you have a mortgage, you will have to pay the remaining loan balance with the money you make on the sale on your home. For example, if you have been paying your mortgage for 10 years and have a balance of $70,000, you will need to pay this amount back with what you made on the sale of the house. This payment most always leaves you with enough money to put into savings or use as a down payment on a new house.
If you are ready to sell your house, our HomeHunt team is here to help you get started. We are here to answer any questions you may have about costs and can give you advice on how to start this process. Contact us today!
Contact us to start your buyer/seller journey!