How can selling cost me money? It’s a hard idea to wrap your head around, but it’s true. Most dive into the idea of listing their house without taking into consideration what it will cost them. Before listing your house with an agent, you need to know that there are several fees and expenses that are involved. In our latest post we highlight the different expenses and costs that are likely to be incurred when selling a home in Florida.
Have you concluded that you need to sell your house in Florida? Before you price your house or decide who you want to work with, you need to factor in the fact that listing your house will cost you money both upfront and when the property closes. It would be best if you considered this before you decide how you are going to sell.
According to several studies, the average amount it takes to sell a house in the US is $15,200! That’s a lot of money! Remember, this number varies widely based on your location and the price of your home. If you have any questions while reading through the various points below, don’t hesitate to contact us so we can help clarify things for you!
Will Selling Cost You Money in Florida?
When pricing your home, keep in mind that the commissions will run about 6% of the home’s final sale price. The agent’s cut will be made known when you sign the listing agreement. The money is not paid upfront, but it is subtracted from the final amount you get for your home; consider this when pricing your home.
Depending on the agency, additional fees may be charged during the selling process. Some agents will charge their clients listing and marketing fees. Ensure you know what’s included and what you will have to pay for when all is said and done.
Closing costs include a bunch of different items that are paid at closing – you’ll see them all on the settlement statement. Closing costs can include things like transfer fees, recording fees, transfer taxes, title insurance, title search fees, appraisal costs, discounts or credits, credit report fees, and more. You should expect to pay around 2% of the sale price in closing costs.
When you decide to sell, it is best to sell the house as soon as possible because you are responsible for holding costs until the day of closing. Some examples of these costs are property taxes, utilities, homeowner’s insurance, and homeowner’s association fees. The amounts can add up to thousands of dollars if your home is not sold quickly enough.
Preparing Your House for The Market
When preparing a house for sale, you will want to invest in making it as presentable as possible in order to increase the house’s value. This might include removing personal belongings, redecorating, staging, cleaning out the yard, improving the curb appeal, painting, and making repairs around the house. This process will require a lot of money, time, and energy.
Buyers can either inspect themselves or bring a professional to inspect the house that is up for sale. Many sellers choose to pay to have the house inspected to find out any issues that potential buyers may have with the house and also to give them more negotiating power. This can cost $200 and up.
Storage and Moving
While moving isn’t technically a selling cost, it is a large expense and the logistics of how and when you plan to do it can greatly impact your bottom line. Whether you hire movers or do it yourself, moving can get expensive! How far are you going? Will you need a truck? Do you need to hire a crew or bribe friends to help? You will also want to consider storage costs and the expense of moving your belongings twice if you are planning to continue living in the home while waiting for it to sell. Packing up unnecessary items ahead of time will make the house look nicer for potential buyers and protect your most precious possessions while you have a bunch of strangers walking through your home on a regular basis.
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