Selling your home the traditional way isn’t always a smooth process. There are a lot of not-so-commonly-known costs that can create shock and awe – and not in a good way.
If you’re planning on selling your home, it’s important to be aware of these potential costs so you can plan accordingly.
Fortunately, we have you covered. Here are 4 unexpected costs of selling your home:
- Closing Costs
It often comes as a big surprise to people when they find out that closing costs don’t just apply to buyers. That’s right. The seller has to pay closing costs too. You’ll primarily be responsible for the buyer’s title insurance and transfer taxes, but you may also have to pay for things like deep preparation, attorney fees, or unpaid homeowner association dues.
- Commission Fees
Another one that often makes a seller’s jaw drop are the commission fees. The seller is typically required to pay commision for not only their agent, but also the buyer’s agent. It tends to be 3% of the gross sales price of the house, so that really drives up the overall cost.
While most sellers are aware they have to pay for repairs, most don’t realize how much repairs can actually cost. While your property may appear to be in good condition, there are a lot of wild cards that can come up during inspection. Something like a leaky roof can easily result in thousands of dollars for mold remediation. Termite extermination isn’t cheap either. And then there are things like roof repair, replacing old plumbing, fixing a cracked foundation, or repairing the air conditioning unit, which also tend to require large wads of cash.
- Low Appraisal
Another common cost sellers often don’t anticipate is a low appraisal. And this one can be particularly hefty because If your home does end up appraising for below the sale price, it can end up costing you up to 5%! And what many people don’t realize is that a low appraisal can actually happen in any marketplace.
If you have a home in fabulous condition and you’re not in a hurry to sell, it may still be worth selling your home the traditional way.
But if that isn’t the case, and you’re not a fan of hidden fees, selling your home to a professional home buyer as-is for cash makes for a good alternative. It’s a straightforward process with zero curveballs. They handle all of the fees and repairs for you. And they typically close as quick as seven days.
Want to find out if selling your house for cash makes the most sense for your situation? Fill out our form for a free consultation.