How much does it cost to sell your home?
Obviously, you want to make as much money as possible. You don’t want your potential profit to drown in repairs, upgrades, staging, closing costs, and agent commissions.
Unfortunately, it happens quickly.
Before you know it, everyone and their dog is making money off the sale of your home.
So how much is it REALLY to sell your home the traditional way?
Let’s talk about that.
Agent Commission — You should expect to give 6% of your home sale’s price to real estate agents. On a $200,000 home, that’s $12,000.
Closing Costs — Closing costs are traditionally split between the buyer and seller. So you should budget to pay about 3% of your home’s sale price. On a $200,000 home, that’s $6,000.
Repairs — Don’t forget to make repairs on your home before listing it on the MLS. Traditional home sales take an average of 90 days to conclude. And trying to sell a home that’s in disrepair will only lengthen that amount of time.
Upgrades — Today’s buyers have high expectations. They don’t just want your home to be clean, functional, and staged. They also want your home to be up-to-date. Trying to sell a home that’s out-of-date will likely increase how long it takes to sell your home and decrease how much you sell for.
Mortgage Payments — While your home is on the market, you still have to make the mortgage payment until the day it closes, you should expect to have several months of payments on hand in case it doesn’t sell right away.
Capital Gains & Depreciation Recapture — If you’re a landlord or haven’t lived in the property for more that 2 of the last 5 years, you should speak with your tax professional about your tax liability from that sale of your property.
Or You Could Do THIS — If that all sounds like too much time and money to spend getting your house ready to sell, then you might consider selling to a professional home buyer like ourselves. At Bridgelight Properties, we buy homes as-is for cash, we’ll pay closing costs, and we can close in as little as two weeks. If you want to learn more, give us a call at (513) 438-0200!