What Kinds of Cost are involved in Selling your Home?

When people think about selling their home, they are usually focused on how much they are going to get out of the sale. People may not consider all of the cost involved in selling a home.

Repair Cost. When someone prepares their home for sale, they will find that certain repairs need to be made. They can hire someone to do these tasks, or they may decide to take on the repairs themselves. Even if a home seems to be in tip top shape, a buyer usually requests some inspections before purchasing, and they may request some repairs before they will actually purchase the home.

Closing Cost. The home seller will generally incur some closing cost. They may also pay some of the buyers closing cost, if it is specified in the contract.

Sales Commission. If you made the decision to use a real estate agent you will typically pay 6-7% of the sales price to the broker. If you sell your home yourself you will not pay a sales commission, but will have other expenses, such as advertising, etc.

Moving Expenses. Even if you do all the moving yourself and do not hire a moving company, you will incur some kind of expense. (Renting a truck, boxes, etc)

Cost of Buying a New Home. You will be responsible for the closing cost of buying another home.