The first question you have to ask yourself when selling your house is, “What is the best price I can receive for my house?”
Assuming you have already looked at the listings of other homes to get an idea about the sales price for your home. However, even if you have the rough idea about your house’s price, determining the exact amount you can receive on closing the deal is tricky. This is because the hidden costs of selling a home could be more than your expectations.
Although some expenses are inevitable while selling a home, most of the costs can be avoided by selling the house to cash home buyers, like Detroit Cash For Home. We buy houses in any condition in Wayne County, without costing you a lot of money.
Before delving into how to avoid hidden costs when selling your home, let’s look at some of the common, unexpected expenses that homeowners may face.
- Commission
If you’re planning to hire a real estate agent, then you are required to pay nearly 6% commission. Usually, this percentage is taken from the final sale price. For example, if the sale price of your home is $200,000, then $12,000 is expected to come out for the agent’s commission. Even if you want to sell your home on your own, you are still required to pay a commission to the buyer’s agent.
- Repair and renovation cost
Most buyers offer a contingent price, which means the sale price is dependent on the condition of your home. If your house has issues like a leaky roof, structural or major plumbing problems, errors in HVAC or electrical systems, or notable damage by water, pests or insects, then your buyer may request repairs. This, as a result, will significantly reduce the sale price of your home, as it will add to your expenses.
- Closing costs
Apart from commissions and repair costs, you may also expect to pay closing costs to close the deal. The amount of closing costs usually depends on the state you’re living in. In most cases, the closing costs are around 4%.
Other hidden costs that you may expect when selling your home are marketing & listing fees, property taxes, and mortgage payments. Now that you’re familiar with the unexpected costs of selling a home, it’s time to know how to avoid them.
How to avoid hidden costs when selling your home?
One of the easiest ways to cut down these hidden expenses is to sell your home for cash. By partnering with cash home buyers, you don’t have to worry about the closing costs, commissions, making repairs, and many other expenses. Also, there is no need to spend a lot of money on marketing and waiting for months to sell your home. They will help you close the deal in less than a month, with a simple and easy selling process.
If you’re in the process of trying to sell my house fast in Wayne County, contact Detroit Cash For Home. Besides guiding you through the home selling process, we will offer you a fair deal without charging any hidden costs.