The hidden costs of selling your home
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Ready to sell your home? Maybe you are PCS-ing to a new Duty Station or you’ve outgrown the space, whatever the reason, it’s important to make sure you’re 110% ready for all of the costs associated with selling. Even the somewhat hidden ones.
Real Estate Agent Commissions
The average cost associated with this is around 5-6% of the selling price, which can add up quickly. If you utilized 100% financing with a VA Home Loan and the market isn’t as strong as it once was, this can be a heavy cost to face.
Fixing it up Pretty
During the explosion of buying in 2021, houses were going under contract faster than you could blink. Buyers were paying 20 or 30k over asking just to get the house of their dreams – and never mind asking for concessions, it just wasn’t happening. Totally and completely a sellers market. However, with rising interest rates and a slow down (2022 is currently projecting at 3% lower than the previous year) this may be gone with the wind. Make sure you budget for the things that need fixing or sprucing.
Lights, Camera – Stage
Pictures are worth a thousand words – as the saying goes. To prepare for a great photo shoot of your home and the showings it will bring, you might want to invest in staging your space. This means things like fresh flowers, décor and other welcoming items to place around your home.
Cleaning it Up
This can fit into a lot of categories. You’ll want to invest in a deep cleaning, carpet cleaning (if you have them) and updated landscaping. This is the icing on the staging cake!
It’s the little things (fees)
Once you are under contract, there are some fees you may or may not be responsible for. Things like independent appraisals, home buying warranties, pre inspections, survey costs and final closing costs (sometimes split between the buyer and seller).
These costs can definitely add up and be daunting to face – but in 2022, the chances are you’re still walking away with a nice profit from the sale of your home. But put your best foot forward with some of these costs and you can add even more to your pocket. Happy selling!
This article was provided to us by Jessica Manfre at Caliber Home Loans, click this link to learn more about the services they provide!
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