Home Selling Costs
It’s getting close to Spring and that means it’s time for many of homeowners to place their homes on the market for sale. Therefore, many homeowners are already wondering what costs are involved in selling your home. Home selling costs can be expensive, but with a little planning and preparation, you can avoid high and unforeseen costs.
Here are some costs associated with selling your home:
Mortgage Payoff – The mortgage payoff is very different from the payoff amount if you stayed in your home for the entire mortgage duration. If you sell your home twenty years before the last payment is due, you will save the interest payments of twenty years. Also, you should check to see if your loan has an early payoff penalty. Moving Expenses – Depending on how you will move this cost can be low or very high. If you will be doing all the moving yourself, you can save a lot of money. However,
if you hire a moving company, the cost can vary dramatically. You will
have to decide what you can afford before you make any moving plans. Pre-Sale Repairs – Repairs can vary widely depending on what fixes your home needs. Simple
cosmetic fixes are usually low costs items. But, repairs that include
electrical, plumbing, roof, etc., can be really high cost fixes. A
prelisting inspection will help you determine what needs attention
before placing your home on the market. Closing Costs – The seller usually pays all of or part of the closing costs. If you can pay all the costs, it is a perk to the buyer. Closing fees can range from 2% to 4% of the homes sale price. In
states where you prepay property taxes, you will get a credit a
closing. Check with your lender when you’re ready to sell. You may be
due a refund on advanced escrow payments and homeowners insurance too. Sales Commission – The total of the sales commission usually ranges between 4% and 7% of the homes sale price. The
sales commission will go to the real estate agents involved in the
sales transaction. Keep in mind, many real estate agents are willing to
negotiate their commission to get the deal done. As
a final point, you may want to ask your tax advisor how selling your
home will affect your taxes. And, when you’re ready to sell your home,
contact Realtor® Tom Kile at (806) 678-103.
Originally posted at: http://activerain.com/blogsview/2942598/home-selling-costs
Here are some costs associated with selling your home:
Mortgage Payoff – The mortgage payoff is very different from the payoff amount if you stayed in your home for the entire mortgage duration. If you sell your home twenty years before the last payment is due, you will save the interest payments of twenty years. Also, you should check to see if your loan has an early payoff penalty. Moving Expenses – Depending on how you will move this cost can be low or very high. If you will be doing all the moving yourself, you can save a lot of money. However,
if you hire a moving company, the cost can vary dramatically. You will
have to decide what you can afford before you make any moving plans. Pre-Sale Repairs – Repairs can vary widely depending on what fixes your home needs. Simple
cosmetic fixes are usually low costs items. But, repairs that include
electrical, plumbing, roof, etc., can be really high cost fixes. A
prelisting inspection will help you determine what needs attention
before placing your home on the market. Closing Costs – The seller usually pays all of or part of the closing costs. If you can pay all the costs, it is a perk to the buyer. Closing fees can range from 2% to 4% of the homes sale price. In
states where you prepay property taxes, you will get a credit a
closing. Check with your lender when you’re ready to sell. You may be
due a refund on advanced escrow payments and homeowners insurance too. Sales Commission – The total of the sales commission usually ranges between 4% and 7% of the homes sale price. The
sales commission will go to the real estate agents involved in the
sales transaction. Keep in mind, many real estate agents are willing to
negotiate their commission to get the deal done. As
a final point, you may want to ask your tax advisor how selling your
home will affect your taxes. And, when you’re ready to sell your home,
contact Realtor® Tom Kile at (806) 678-103.Originally posted at: http://activerain.com/blogsview/2942598/home-selling-costs
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