What Are the Costs Associated with Selling a Home?
Are you ready to put your home on the market?
While there are many factors that may influence your home sale, there is one thing for sure -- selling your home will cost you money.
Fees and charges associated with Waukesha WI homes for sale may vary so it is important to be aware of major costs up front so you can take them into consideration when managing your finances. It's important to plan ahead by calculating your costs and including them in negotiations with agents and with potential buyers.
Here are some expenses you can expect to incur.
Before the Sale of your Waukesha WI home
1. Home repair
There's practically no home that couldn't use some quick maintenance to make sure it looks well-cared for. These repairs can enhance the appeal of your property and maybe raise its value.
Now is the time to spruce up the exterior of your home for sale in Waukesha, paint the inside, and repair a squeaky staircase or leaky faucet.
2. Home staging
Hiring a professional to stage your home will pay off. According to the National Association of Realtors®, taking the extra step to stage your home can make a difference in how a buyer values it and the price you as the seller might get for it.
Home staging helps buyers have a clear picture of what the house could look like after they move in. The cost of a professional stager may vary according to the size of your home, the extent of the work, the length of time the house is on the market, and other factors.
3. Pre-inspection reports
Most of the time, having your home inspected for either termite/pest damage or other structural matters isn't required. Buyers expect to pay for their own inspectors.
However, there are instances where you might want to have your property inspected before showing it to home buyers. One such situation is when you’ve owned the property for many years and wonder whether any problems have arisen "below the hood" that you're not aware of. You might want to fix it up so as not to upset potential buyers.
At Closing:
1. Real estate agent commissions
On average, home sellers pay 5% to 6% commission, to be divided between the buyer’s agent and yours. Many homeowners try to avoid these fees by putting up their home as for-sale-by-owner (FSBO). However, statistics show that selling your home with the assistance of a professional real estate agent will give you a higher profit.
2. Other closing costs
The closing costs are usually shouldered by the buyer. However, don’t be surprised if you are asked to pay some of the standard costs associated with closing the deal including homeowners association fees, property taxes, attorney fees, transfer taxes and title insurance.
3. Capital Gains Tax
You don’t have to worry about capital gains taxes if you earn less than $250,000 on your home sale (or $500,000 if you're married and filing jointly). But if you earn more than that, you may have to pay more attention to the matter.
Knowing the costs associated with selling your home will help you be prepared to have your house finances in order. It will also give you a more accurate picture of what you can expect to get once the sale has been finalized.
Ready to list your home?
Call me, Kristin Johnston at 414-254-6647. I’m your top real estate expert in Waukesha WI. Let’s get started today!
In case you can not view this video here, please click the link below to view What Are the Costs Associated with Selling a Home? on my YouTube channel: https://www.youtube.com/watch?v=AJ6spBuLU3k&feature=youtu.be.