What Are The Costs Involved in Selling a Home?

 Posted on February 15, 2023 in Real Estate

While most people know that buying a home is an expensive process, few people realize that selling a home comes with its fair share of expenses as well - especially if they are doing it for the first time. Not anticipating the true expense of selling a home can lead to unpleasant surprises at best, with many people suddenly realizing that they have put themselves in a desperate financial situation. 

If you are considering selling your home, an Illinois residential real estate lawyer can help you plan carefully and avoid situations where you are responding to unexpected expenses or having to make last-minute accommodations. To learn more about what you should anticipate paying for when you sell your home, read on and then contact Newland & Newland, LLP for help. 

What Do I Need to Pay For When I Sell My House? 

The exact list of expenses will vary according to the complexity of the transaction and the state of your home’s repair. However, in general, it is wise to anticipate the following expenses: 

• Getting your house appraised - Before you can list your home on the market, you need to know how much it is worth; this involves hiring an appraiser who will come to your home, evaluate the quality and condition of your home, and compare it to other similar homes for sale in the area.

• Paying for repairs and upgrades - Many people only realize that their home is very outdated or worn down when they get ready to sell. While making superficial upgrades is optional and will likely help you sell your house faster, making certain repairs may be necessary for people to seriously think about buying your home. These repairs can take time and be expensive, so it is important to be proactive and plan ahead. 

• Staging - Not everyone chooses to make changes to their home’s appearance, known as “staging.” But doing a great job staging your home can make it look more welcoming and appealing to prospective buyers, increasing its potential to sell faster. Staging might involve painting the house neutral colors, ensuring the house is arranged comfortably, and putting any potentially offensive decor or really worn-down furniture in storage. 

• Concessions - Someone who is interested in your home may want you to make certain changes or to pay for certain expenses before they agree to the purchase. This could include things like leaving appliances in the house or asking you to pay for their share of closing costs. 

• Real estate agent costs and other fees - Once the house is actually sold, you may need to pay a real estate agent their commission, property taxes, title transfer fees, money transfer fees, escrow fees, and more. 

Meet with a Grayslake, IL Residential Real Estate Lawyer

Selling a house can be an expensive process, but failing to understand what you need to do and when you need to do it can end up costing you much more. A Lake County residential real estate attorney can help you estimate the costs of selling your home as well as help you avoid any unnecessary expenses. To get advice from the experienced team at Newland & Newland, LLP, call our offices today at 847-549-0000 and schedule a free consultation. 

Source: 

https://www.bankrate.com/real-estate/how-much-does-it-cost-to-sell-house/