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. Let’s talk about what the true costs of selling a home are!
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 repairs. 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 costs. 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 4-6 percent, which can mean a pretty hefty amount—unless you’re selling your own home. But there are additional fees you need to be concerned with.
Attorney fees, the cost of appraisals and home inspections, title insurance, excise taxes, and capital gains taxes if you’re selling a secondary home can all add up quickly. Multiply the estimated national average for home inspection services of $336 by several services and add that on top of an agent’s fee, and what seems like a seller’s market may not be as profitable as you thought.
Location or Relocation?
Selling a house that you’ve transformed into a home can feel emotional. It has been the setting for years of memories and experiences. Adjusting to a new neighborhood can also feel overwhelming.
There’s also the cost of moving to consider. Most homeowners use a moving service at a national average of $1,214. While renting a truck may seem cheaper, fuel, mileage, and packing supplies can quickly increase the total cost. In many cases, relocation expenses come directly out of your pocket.
Patience Isn’t Always a Virtue
The real cost of selling a home isn’t just measured in dollars—it’s also measured in time.
It can take anywhere from 65 to 93 days to sell a home, even after receiving an offer. If you’re dealing with a time-sensitive situation, that delay can be stressful. Selling a home can take a toll on your finances, your time, and your peace of mind.
If time is something that you don’t have and you need to sell your house fast, we can help. We buy houses in California and will ease your burden by purchasing your home as-is. Contact us today at 925-483-7327 to get your no-obligation offer. We look forward to hearing from you!
