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Lesser Known Costs of Selling a Home

by The Urban Specialists 08/19/2018

If this is your first time selling a home, you might not be familiar with the costs associated with selling. Lenders and agents help to make this process as simple as possible for both the buyer and seller. However, it’s still a good idea to know what to expect to pay for selling your home, as it seems counter-intuitive that you would have to pay to sell something.

Due to the consolidation of costs by lenders, it can be easy to glaze over the list of closing expenses without fully knowing what they mean. But since many fees can be negotiated, it pays to learn the ins and outs of closing costs.

Whether you’re selling your home soon or just want to brush up on real estate processes, this article will give you a better understanding of closing costs from the perspective of a seller.

Closing costs

Buyers typically pay the majority of the closing costs associated with purchasing a home. However, there are some closing costs that buyers are at least partially responsible for.

Notary fees, expenses from escrow, and title insurance are all likely costs you’ll have to dish out before closing.

Agent fees

Real estate agents typically earn a commission on selling a house. The work they put in saves you in several ways. First, you don’t have to pay for all of the marketing expenses associated with selling a home. This includes photography, sign-making, and online listings.

Agents can save you in other ways, as well. They’ll help you price your home effectively, negotiate prices, and take care of the time-intensive process of showing your house. You won’t want to have to take time off from work to try to DIY these steps.

Taxes

Since you’ve likely owned your home for a while now, you’re familiar with paying property taxes. If you pay taxes yearly and are moving toward the end of your pay cycle, you’ll have to pay a prorated rate for the amount of time you’ve lived in the home that year.

The burden is also yours for any remaining HOA fees and state transfer taxes. Not every state charges transfer taxes so be sure to check the cost for your state.

Moving costs

Moving can be an expensive endeavor. Aside from hiring movers, renting vans, or buying boxes, there are a number of expenses we don’t often think of when preparing to move.

First, it will take you a while to get your new home set up. That means you should be prepared to eat out for a while until you get settled.

On top of that, there’s also the matter of having to take days off from work, which can be costly in its own right.

Those are some of the most common expenses a buyer has to worry about during closing. Your real estate agent will be able to give you a comprehensive rundown of costs and help you find the best agreement.

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The Urban Specialists

CITY RESOURCES The great thing about urban centers is just how much stuff you find around you. Your favorite restaurants, cultural activities and museums are within walking distance of your front door. It's convenient and adds to how much you get out of your place. For more info on New Haven, check out these links: Info New Haven Visit New Haven We are passionate about the environment. We are eager to help you to add value to your current home, save money on utilities, make your lives more energy efficient and eco-friendly, and generally live a "greener" lifestyle, all without sacrifice. For more info on green living in New Haven, visit these sites: CT DEEP Neighborhood Housing Services of New Haven USGBC's Green Home Guide We care about historic properties and their communities and wish to encourage preservation of our community's architectural and cultural history. For more info on New Haven preservation, check out these links: CT Trust for Historic Preservation New Haven Preservation Trust Historic Homes Downtown Areas Neighborhoods Green Homes Bethany Branford Guilford Hamden New Haven North Haven Orange West Haven Woodbridge Olivia C. Martson Olivia Martson is a long time resident of New Haven. She lives and works in downtown New Haven and is thoroughly familiar with the pros and cons of urban living. From 1992-1997, she served on the New Haven Board of Alderman as the elected representative for Ward 2, the downtown neighborhood immediately west of Yale University. Fore more : Biography - http://media.mlspropertyfinder.com/418613/preview.jpg