THE COST OF SELLING A HOME
As you prepare to sell your property, it is important to know what the true cost will be. As with any large venture, there are expenses associated with selling that can chip away at your net gain. We’re here to help you accurately determine what your true cost will be.
EXISTING MORTGAGE PAYOFF
If you own a home that has a mortgage, you have to pay off the loan the same day that you close on the sale of the house. This payoff will include any remaining principal, accrued interest, and prepayment penalties, if applicable.
HOME EQUITY LOANS
If you have borrowed against the equity in your home, you will have to pay that off at the sale of your home.
STAGING AND IMPROVEMENTS
From the moment your home hits the market, it needs to look its very best. Homes that appear well maintained, both inside and out, are perceived as more desirable and valuable. Improving the aesthetic of your home to attract buyers, coupled with a great pricing strategy, typically results in less days spent on the market and often yields a higher price.
Closing costs associated with the sale of your home will be listed on your settlement statement which you will receive from your title company. There are closing costs for both buyer and seller, and in some cases, the buyer may ask that the seller pay for a portion or all of their closing costs. Closing costs typically include title insurance, recording fees, pro-rated taxes, and agent commissions. Closing costs will be deducted from any proceeds you receive from the sale of your home.
Moving can be a very expensive endeavor. Whether you are moving across town or to a new city, it’s important to calculate the cost of moving when determining the true cost of selling your home.