There are four main costs you need to be aware of when selling your home.
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If you’re gearing up to sell your home, there are four costs involved that you need to be aware of and budget for:
1. Realtor commissions: The first thing most people think about when they hear the phrase “cost of selling your home” is the Realtor commissions. Traditionally, this is between 5% and 6% of the final sale price, and is generally split between the buyer’s agent and the listing agent.
2. Closing costs: This is a catch-all term for many smaller costs, including the title insurance fee, escrow fee, document preparation fee, HOA transfer fee, and prorated property tax.
3. Capital gains tax: If you’ve owned the property for less than two years and it sells for more than what you bought it for, you may owe capital gains taxes to the federal government. This can take a significant chunk out of your profit, so talk with a CPA before proceeding with your sale.
4. Repairs: While most properties are sold as is, buyers can still submit repair requests. These can vary from smaller requests, like having the HVAC unit serviced, to larger requests, like having the roof replaced. All of these are negotiable between you and the buyer.
If you’d like to know more about the home selling process so you know exactly what to expect, don’t hesitate to reach out to us. We’d be happy to be a resource for you and guide you through your situation. We look forward to hearing from you.