There are several hidden costs of selling a house people usually don’t find out about until they get to the closing table. What I want to talk about today are some of those major expenses.
First of all, if you haven’t lived in your house for very long, there is a good chance you’re going to be paying a capital gains tax. It’s a good idea to speak with your accountant to confer over this.
Next are the seller closing costs. A lot of agents like to beat around the bush about who pays what, but it’s important to know this up front when you’re deciding who you’re going to sell your home to and at what price. Closing costs consist of attorney’s fees and deed stamps.
Repairs to the house is another cost to consider. They might be simple, or they might be complicated, but almost all homes end up having repairs. Just getting an electrician through the door can cost as much as $150. A lot of buyers also like to ask for a home warranty. We don’t encourage our sellers to buy those up front because we’d rather wait for the buyer to negotiate that in and move up the asking price of the home.
Finally, you have costs like additional repairs or attorney’s fees. If there are any title issues, we strongly suggest that you clear them up beforehand.
Be sure you’re aware of these omissions when it’s your time to sell so you’re prepared for the process. If you have any questions, please send me an email or give me a call. As always, I look forward to your referrals and talking to you soon.