If you're a first-time seller you may not understand all of the costs that are associated with selling a home. Here is a brief rundown of the expenses you may run into when you put your home on the market and are preparing to sell:
Examine the costs of the new home
Are you going to be living in the same area or moving out of town? If you're planning a move to another city, you’ll want to find out whether the cost of living in this new town is higher than what you're currently used to. You'll need to examine the affordability factor of living in the new place versus staying in the old one.
Making your home more marketable
Sometimes you can get away with just painting your home to make it more marketable while at other times it will require a new roof to attract any interested buyers. It doesn't cost a lot to paint a home but the price of a new roof can end up breaking the bank. In between the two there are several other possible repairs that may need to be made to make the home more attractive to buyers. Find out first from an experienced real estate agent what would need to be done to your home to make it more marketable and whether he recommends a home inspection to look for any hidden problems that could potentially stop a sale.
The cost of moving
A professional move and all of the costs involved need to be added into the budget, especially if you have accumulated a large quantity of household furniture and goods throughout the years. Get a few moving quotes from companies in the area is so that you can have a realistic idea of just how much it will cost you to transfer your goods from one area to the other.
Real estate lawyer
Both the buyer and seller are going to have to schedule an appointment with their real estate lawyer to get the papers signed legally. Don't forget to add this as one of the selling costs.
Here are just a few of the many miscellaneous costs that you may incur when selling your home and moving into a new one:
- Cleaning the old home
- Repairs on the old home
- Cleaning the new home
- Installing new locks
- Installing a new security system
- Moving costs
- Start-up costs for utilities
- Registering a new phone line
- New appliances if necessary
- New window coverings if necessary
There may be other costs involved depending on your personal situation. The idea is to make sure that you have factored in all of these expenses into your budget to make sure that the timing is right for you to sell your home now.