Home selling isn’t all about pricing your house competitively. It’s also about preparing your pocket for supplementary and hefty charges that are inclusive yet concealed in the process.
Selling your home is expensive. Aside from the anticipated costs like listing fee and real estate commissions, a variety of smaller expenditures is something to prepare yourself.
Hidden Charges to Pay in Selling Your House in Washington DC
Getting your money in full is quite impossible because you have to invest on these 7 important things.
In home selling, home repairs and improvement projects are fundamentals in the success of your sale. Although you can do minor repairs yourself, hiring a professional handyman is more beneficial.
Don’t cheap out on using the service of expert contractors as they will for sure deliver quality work. If you do, prepare for shoddy and poor repairs that will make prospect buyers feel disappointed over your property and can possibly cost you double.
Check your house for possible and noticeable problems. Fix them as soon as possible before buyers come in and check your house. Here are 10 major areas to prepare in your house before you put it on the market.
For major repairs like roof replacement, better lower your listing price to save hundreds of bucks than doing the revamp.
Staging is a must, especially for vacant homes, if you want to sell your house fast. Staging helps possible buyers to visualize their future in your home. Hiring a professional to set up the furniture and make your house elegant and appealing can perk up your house’s appearance and value.
According to a survey made by NAR on 2015, staging costs around $700. Although the charge is high, it helps augment your house’s worth by 5%.
If you don’t have extra budget left for staging, small items like towels in the bathroom and bowl of fruit in the table can create a positive impression.
Your home’s curb appeal has proven to make or break a sale. In a research made by Virginia Tech, designing your landscape increases the value of your home up to 12%.
Beautifully designed curb drives interested buyers into your house while unattractive exterior makes possible buyers run away.
The average landscaping job can cost you around $3,239. This includes plants, flower beds, and trees. If you don’t have enough funds for landscaping, visit your Home Depot and buy seasonal flowers and mulch to improve your exterior.
Also, don’t forget to mow the lawn, trim hedges, and remove the weeds.
The US government has the so-called capital gain tax that is calculated based on the difference between the original purchase price and selling price of your home. Documented home improvements, like the addition, are also deducted from the total cost.
This means that a small chunk of your profit will be taken by the Government when the month of April comes in. Fortunately, this tax rule has substantial exemptions, too. If you are a married couple selling your home, you’ll save up to $500,000 of your profit. If you are single, you will save as much as $250,000.
Discuss with your tax preparer for more details about capital gain taxes.
Although you have moved out from your old home, doesn’t mean you’ll cut off the electricity and other utilities. No one would want to walk in your house if it’s too dim.
Maintain a well- ventilated and cozy atmosphere by retaining the electricity. Molds would possibly grow in your house if you turn off the air condition during the hot season.
Paying for utility bills is still part of your job even you’ve already moved out.
A large percentage of home buyers tend to scout for properties online. Make sure that a picturesque photos welcome them.
Your photos have a big impact on the sale of your property. The clearer and the crispier your photos are, the more buyers it can drive to your door. On the other hand, dull and plain photos will keep home buyers scrolling for another set of houses for sale.
Some agent offers this as part of their service. Make sure to check his work portfolio to gauge the photo quality.
Hiring a professional photographer will cost you around $500 to $1000 but it’s worth an investment.
Closing cost eats a substantial amount from the total selling price. It amounts to 2% of your home’s total value.
Usually, the buyers select the closing company while you are in-charge of all the payments. A large sum of the amount will go to the transfer fees, notary fees, and escrow fees, property taxes, mortgage cost, and sewage and water bills.
Hiring a real estate attorney can help you save around $100 to $200 as they will work on comparing rates with the closing company.
Selling your home requires you to pay hefty charges as they are part of the overall process of the traditional real estate market.
To avoid these expenses and save your money in full, sell your house for cash to The Home Buyers.
The Home Buyers can buy your house in cash within 7 days. We buy any property as-is so you don’t have to spend for repairs. We take care of all the process and you don’t have to pay for anything. Moreover, you don’t need to pay for commission fees.