The True Costs of Selling a Home
For homeowners, selling a home should be a relatively stress free experience. Ideally, you want to find the right buyer at the right time and at the right price. But the reality is that it can be the exact opposite. Selling a home can wrack your nerves with unexpected worries, whether it’s waiting for mortgage approval or realizing that you may be in for more than you bargained for. And that includes finding out the true costs of selling a home.
Should You Renovate before Selling?
The reality is that few homebuyers are in the market for older homes. They have enough on their mind about relocating to worry about repair. But only two in five homeowners actually remodel their homes within a year of putting their house on the market.
Selling a home in need of repair is challenging enough. But even more challenging is paying the cost of repair. A 2018 survey from Home Advisor found that Americans were paying close to $7,000 annually in basic repair cost. That’s just for basic repairs. A complete renovation is considerably more. And while there’s no doubt that a renovated home can fetch more on the market, the sad truth is the actual cost of remodeling won’t always justify the sale.
Additional Fees (Hidden and Not So Hidden)
Typically, homeowners only consider realtor fees emerging from a sale. That’s between 4 to 6 percent, which can mean a pretty hefty amount—unless you’re selling your own home. But there’s additional fees you need to be concerned with.
Attorney fees. The cost of appraisals and home inspections. Title insurance. Excise taxes. Capital gains taxes if you’re selling a secondary home. On their own, they may not seem like much. But they add up quickly. Multiply the estimated national average for home inspection services of $336 by seven or eight and add that on top of an agent’s fee and what seems like a seller’s market may not be as tempting as you thought.
Location or Relocation?
Selling a house that you’ve transformed into a home can seem like an emotional burden. After all, it’s been the setting for years of cherished memories and laughter. And if selling a home is an emotional burden, the thought of adjusting to a new neighborhood can seem terrifying at times.
But there’s the actual cost of moving that can add up. Most homeowners will wind up using a moving service at a national average of $1,214. It might seem cheaper to simply rent a U-Haul and do it yourself, but interstate miles and gas can add up quickly. Packing supplies alone can cost you hundreds of dollars. It’s rare that a new employer will foot the bill for your move, and you may find yourself paying for it at the cost of your first paycheck.
Patience Isn’t Always a Virtue
The real cost of selling a home can’t just be measured in dollars alone. It can be measured by sheer need.
Unfortunately, it can take anywhere from 65 to 93 days to sell a home. That’s after closing on a sale. And if you’re facing a pressing crisis which forces you to sell, that may be a far from reassuring amount of time. Selling a home isn’t just taxing on your patience. It’s taxing on your wallet. It’s taxing on your nerves. And it’s taxing on your time.
If time is something that you don’t have and you need to sell your house fast, then we can help you out! We buy houses in Utah and will ease your burden by buying your home as-is. Contact us today at 1-800-655-8322 to get your no-obligation offer. We look forward to hearing from you!