The Costs of Selling a Candlewood Lake Home
The Costs of Selling a Candlewood Lake Home
Nothing could be as stressful as selling your Candlewood Lake Danbury CT homes only to be surprised by so many unexpected expenses at closing that you weren’t able to prepare for, significantly reducing the profit you had expected to make after selling your home.
Most sellers only think of the real estate agent’s commission as the seller’s expense, but there are actually many other costs and fees involved in selling a home. Knowing what these costs are can make the selling experience less stressful and help you prepare financially and maximize the profits from selling your home.
On average the total cost of selling a house can be anywhere from 7% to 10% of the the home’s selling price. This may seem like a big amount for most sellers, but if you want to get top dollar for your home, you need to be prepared to shoulder these costs. Please keep in mind that in Connecticut, your attorney will calculate and collect all monies due for the closing.
1. Real Estate Agents Commissions
This is the biggest cost when selling a Candlewood Lake Danbury CT home. HUD usually pays a 6% commission - 3% goes to the selling agent and 3% to the listing agent. You can negotiate with your real estate agent for a lower commission.
2. Title Insurance
This is usually paid by the seller in most states but not in Connecticut, it is a buyer’s expense, as is the title search. Title insurance is a guarantee to the buyer that your home has a clean title since it states that all loans are paid off and all liens, judgments, and title defects have been taken cared of. Different states have different laws regarding title insurance but in Connecticut, the cost of an owner’s policy depends on the sales price of the Candlewood Lake home and costs between $450-600 on average.
3. Closing fees and Recording Fees
Connecticut is an attorney state. One of only four in the United States. Attorney fees vary but it is advisable to select an attorney whose primary practice is Real Estate in the state of Connecticut. Also, when selecting an attorney, typically the attorney will be paid for at the closing without retainer fees or hourly rates. You will find attorney’s fees varying from $700.00 to $1400.00.
The property seller in Connecticut will also have a conveyance tax expense. The State Conveyance tax is 0.75% on the first $800,000 of value and 1.25% on the remaining value. In addition, the municipal tax can range for 0.25% to 0.5%, depending on where the property is located.
Recording Fees are paid for by the Buyers in Connecticut.
4. Taxes and Utilities
You will need to pay taxes and utilities for your Candlewood Lake home until closing. You may have taxes to pay at closing before your home is sold even if your mortgage company may be paying your property taxes through an escrow account. The escrow account will be returned to you at closing. Any property taxes collected from you for dates after the closing will be paid to you from the buyer at closing.
5. HOA fees
If you live in a neighborhood with an HOA, you most probably pay your monthly HOA dues. The HOA fees prepaid by you will be paid to you by the buyer at close.
6. Repair Costs
To get the most money from your Candlewood Lake home for sale, your home needs to be in its best condition. You may need to spend on repair and replacement of items in order to make your home appealing and move-in ready for the buyer.
It takes money to sell a home. If you are planning sell your Candlewood Lake home then buy a new home, make sure to factor in these selling costs and deduct them from the selling price to get an idea of how much you will get after closing to purchase your new home.
For more information on Candlewood Lake homes for sale, visit www.CandlewoodLakeCTRealEstate.com.
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