Did you know that in America, it can cost sellers about $15,000 just to sell their house? Just think about how much money that cuts into your profits of selling your home. You may think that the process is as easy as calling up a realtor, and the rest is handled for you, but there is so much more to the process. The process is far more expensive than you may have anticipated. You may come across many hidden costs when selling your home.
You may think that your house is clean, but is it? If you hire a professional cleaning service, you can ensure that your home gets clean enough to sell. You want it to be completely spotless and look as fresh and new as possible. There are additional cleaning costs, including power washing your siding and upholstery/carpet cleaning. Then, you have the issue of keeping the house that clean if you are living there. This procedure can be especially tricky if you have kids. The house needs to be spotless and ready to be seen at a moment’s notice.
After you have cleaned out your home and put all your items in storage, you need to pay for staging your home, which isn’t an actual necessity, but staging does improve your chances of selling your home. Professional staging companies know how to optimize every space in your home, so they bring in the right furniture and décor to highlight its best features. However, this can be incredibly expensive.
Closing costs are some of the most expensive hidden costs that you will face when selling your home. Closing costs cover a wide variety of expenses, including the real estate commission, attorney fees, title insurance, and transfer taxes. Real estate commissions can typically cost between 5% and 6% of the home price, which can be a significant chunk of money. There are plenty of other additional fees that you may find hidden in your closing costs.
The more time your house stays on the market, the more you have to spend on it. You must keep paying the mortgage, utilities, taxes, and other expenses even if you have moved into your new home. Who wants to pay double house expenses? This predicament may not just be less than ideal; it could be not financially feasible for most people. There’s no guarantee that your house is going to sell. You may end up seeing your home on the market for months before you sell it. Those home expenses will add up very quickly.
Selling your home through traditional methods is no easy task. Selling your home certainly isn’t a cheap process, meaning that you may not pocket anywhere near what you hoped for when you put your house up for sale. You may end up getting more money for selling your home to a cash buyer than what you’d end up with if after all of these hidden costs are considered.