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Selling your house seems like a fairly simple transaction – you find a buyer and then you’re getting the amount of money you agreed on. This isn’t all there is to expect, however. The whole procedure may include not just loads of legal fees, but also unexpected expenses that have to do with moving. Find below five hidden costs you face once you’ve closed a sale.
- The closing costs you pay to your real estate agent
You will be paying sale closing costs and most part of these will be to your estate agent. Usually they take about 6% of the price you sold the house for but the rules can vary. Thus, selling in a demanding, difficult market will inquire more. Also, if you’re in a big city or a famous neighborhood, you’ll be paying more.
- Home repairs
Sellers get on to home repairs not just when their property falls below the required standards. It is the reasonable thing to do in order to boost the sale price. Some choose to do this early on, others make improvements only when they see the sale doesn’t succeed. Preparing your home can take up thousands, it’s a very expensive task that usually needs to be completed.
- Moving out
If you were lucky and found a buyer for your house, you will have to move out sooner or later and that means significant extra costs. In most cases, it is necessary to contact a removals company, which will mobilize specialized staff and a van, possibly for several rounds. It depends on how much you have to carry to the other place. In addition, the costs will vary depending on the distance to be covered.
- Transfer taxes
This isn’t required in all cities, but in those that do, you will have to pay an average of at least $750. The tax rate percentage can vary greatly between cities, from values under 1% and up to 2% and more of the home value.
- Exterior grooming
Don’t leave without fixing the exterior of the home, too. The garden or the yard may be in need of a cleaning or perhaps even a landscaping. You will get far more points (and more money) if the yard looks good. Have the lawn freshly cut, groom the shrubs and trees, if there are any.
In the end, these hidden costs may reach a total of more than 10% of the actual property price. Make sure you schedule everything accordingly, because the success of your sale depends on it.