Costs of selling your home include realtor fees, taxes and closing fees as well as any pre-sale repairs. Therefore, all of these costs reduce the overall net proceeds for the home seller. Above all, when you are ready to sell your home in the Kansas City area you want professional help. At Eric Craig Real Estate Team, our knowledgeable realtors work hard to ensure you realize the greatest profit from your home sale.
Costs of selling your home vary depending on the state in which you live. In Missouri, most people don’t realize that cost sharing occurs with a home sale. Both the buyer and seller will incur some cost of the sale. Additionally, when you’re the seller, you will probably have some out of pocket costs for fixups. Some of which may be necessary to meet the buyer’s loan requirements. But the results won’t be as shocking if you know what to expect. This guide will give an overview of the costs of selling your home.
If you plan to sell your home, there are a few things you can do to increase its value. Firstly, when any fixture or appliance is not working properly, now is the time to repair or replace. Next, if a home inspector finds serious issues, such as bad plumbing or roof damage, you should fix the issue before closing the deal. For big repairs, you may have to dig deeper into your pocket. Additionally, getting your home ready may require minor work like:
- Sprucing up the exterior
A seller has a requirement to pay a portion of the annual property tax until the closing date. However, if you had paid property taxes for the year, you may be eligible for a rebate at closing.
The proceeds from your home sale could be more or less than the amount on the mortgage statement. Therefore, you may need to add the prorated interest that may have accrued to the total balance. If there’s a prepayment penalty on your mortgage, you may need to pay that too.
Some or all closing costs in a real estate transaction can be met by the seller. Therefore, it’s possible you may need to pay:
- Brokerage fee
- Courier fee
- Escrow fee
Staging your home can help potential buyers visualize how the floor plan will work for them. For instance, you can improve the curb appeal with flowers or fresh plants. Similarly, you can add fresh paint, new flooring and even place furniture for effect.
While you can do the staging yourself, working with a professional can pay off. Depending on the size of the home, you should expect to pay a fee.
If you want to move out before selling a home, you must pay your utility bills. You know how difficult it can get to show your buyers a home without lighting, heating, air conditioning units, etc.
For Sale By Owner
Without recommendation, perhaps you might think of listing your property yourself. In this case, be ready to do all of the work yourself, also! Therefore, when you list your home as for-sale-by-owner, you must be ready to take the duties of an agent like:
- Showing the home to prospective buyers
- Transfer of title
- Hiring a lawyer to draw up the contract
Evaluation of all the costs can help you make the best decision when selling a home. You should evaluate each cost individually and determine how it may apply to your situation. Therefore, you want to find a realtor that represents you with honesty and integrity.
Understand the costs of selling your home to make the best decisions and the most profit.