If you’re thinking about selling your house, you’ll want to know how much it’s going to cost you to do so. The average cost of selling a house in the US is approximately 10 – 15 percent of your home’s sale price. This includes getting the house ready to list, the cost to hire movers, real estate agent commission and fees, and the cost to address any necessary repairs. As an example, at 15 percent, the cost to sell a $250,000 house could be as much as $37,500.
Of course, every situation is unique, and your costs will vary. This guide gives you an overview of how much it will cost to sell a house so you can be prepared and make a plan for buying your next home. (1)
First and foremost, before formally listing your home for sale, you must check that everything in the property is in working order and presents well to potential purchasers. The amount of investment depends on how much TLC the home requires. The home buyers Nashville may also send a home inspector to view the property and may require that you make further repairs. Consider these expenses as well.
You can also be proactive and hire your own home inspector (typically for a few hundred dollars) so you know exactly what repairs to undertake. Inspections typically cost $14,000 on average.
When you decide to sell your property to Nashville home buyers, one of the first things you should do is contact a qualified local agent. According to research, the knowledge of an agent makes a significant difference. If you hire a real estate agent, you will have to pay a commission for their aid in pricing your home, marketing it to the masses, and negotiating with other parties to get you the best price and terms available, among other things. The national average real estate agent commission is 5.8% of the property’s sale price.
This commission covers the costs of the selling agent and the buyer’s agent. The seller is expected to pay both.
Repairs are performed to verify that everything works properly. Upgrades are intended to make the area more appealing to buyers while also adding value. Get the most for your money by focusing on little renovations that make a huge impact, such as a fresh coat of paint, new hardware and fixtures, and landscaping. If you’re unsure which upgrades are worth the time and money, consult a reputable local real estate agent.
They’ll be able to tell you what improvements would help your house sell faster.
Giving your home a thorough deep clean, cleaning out any clutter that makes it look less desirable, and staging the furniture and decor to make it more appealing are all parts of making it look better. Potential buyers appreciate big, clutter-free, and well-decorated spaces since it allows them to imagine themselves living there. You can save money by cleaning, organizing, and staging yourself, but it takes time and work. Alternatively, you can delegate the job to professionals.
Prices can vary, but each service will normally cost a few hundred dollars.
Buyers may also request that you cover some expenditures, such as inspection fees, appraisal fees, and home warranties, to sweeten the bargain and increase their likelihood of purchasing. Buyers use this to negotiate or offset some of their costs. The loan and downpayment determine the number of concessions permitted and can range from 3-9% of the selling price. To avoid paying these costs, you should consider selling your house to cash home buyers in Nashville because they buy your as-is without expecting you to pay for inspection or appraisal.
Selling your home also means you may have to pay capital gains taxes, which are levied on the net profit of the transaction. There are certain exceptions. For example, if you are single and have lived in the house as your principal residence for at least two of the last five years, you are exempt from paying capital gains taxes on the first $250,000 of the net profits. If the house wasn’t your primary residence or you made a larger profit, you’ll have to pay capital gains taxes ranging from 0% to 15%, depending on the amount and your tax filing status.
When you eventually sell your home, it’s time to pack up and relocate, which can also be costly. Hiring movers, packing materials, and furniture for your new house can all be expensive. If you haven’t yet purchased a new house, you may need to find temporary lodging and storage throughout the transition period. If you sell your home to a we buy houses Nashville company; you will have the money you need for moving because they pay cash instantly.
Both buyers and sellers bear closing fees. Sellers typically pay closing expenses at a rate of 1-3% of the total selling price of the home. These expenditures cover attorney expenses, escrow fees, property taxes, title transfer taxes, title insurance, HOA fees, and fees related to paying off your current mortgage early.
It also takes money to attract the attention of potential home buyers Nashville TN to your home. Expert photography, flyers, for-sale signs, open-house supplies, and fees for putting the property on the MLM are all costs you must incur. If you’re working with a real estate agent, these marketing costs will most likely be covered, but if you’re selling on your own, you’ll have to add them to your selling budget.
Title fees are used to finance insurance plans that protect both the lender and the buyer if a costly title issue arises after the home is purchased. A title check prior to closing is intended to uncover difficulties; however, cases of forgeries or filing errors are rare and rarely cause problems for an owner later on. In a real estate transaction, title fees are often negotiated, with the seller typically covering the new owner’s title policy and the buyer covering their lender’s insurance. These policies typically cost between 0.5% and 1% of the purchase price.
Jonathan Sims is a cash home buyer and the founder of Olive Tree Homes. With a passion for helping homeowners in need, he has helped countless individuals and families sell their homes quickly and hassle-free. As an expert in the real estate industry, Jonathan has a deep understanding of the local market and uses his knowledge to make fair and honest offers on homes. He believes in providing excellent customer service and making the home selling process as easy as possible for his clients. Jonathan is committed to helping people achieve their real estate goals and has a proven track record of success in the industry.