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Expenses you need to know when you sell a home

Friday, September 9, 2022   /   by Laura Larson

Expenses you need to know when you sell a home

When you sell your home there are some expenses you need to consider; closing costs, curb appeal improvements, and renovations all add up.

In addition to taking time, there are a number of typical, yet frequently forgotten seller expenses. Being aware of these expenses will help any potential home seller with budgeting.

In our experience, homeowners may anticipate spending about $15,000 on these additional costs to sell a house in the median price range. These charges include closing costs and home repairs tasks like carpet cleaning.

Closing costs
Agent commissions and, in the majority of states, sales or transfer taxes, make up the two most significant closing expenses.

A seller of a median-priced home spends $12,532 on closing expenses. A number of other minor closing expenses, such as title insurance and escrow fees, should also be anticipated by the sellers.

Home prep costs
Before advertising their house, most sellers will finish at least one remodeling job.

While some sellers choose to handle these tasks themselves, those that outsource may anticipate spending over $2,650 (median-priced home) to cover staging, carpet cleaning, interior painting, lawn care, and house cleaning—the top five seller home prep tasks.

Location, location, location
These additional expenses might vary greatly, just like everything else in real estate

Transaction satisfaction
Despite the expenses inherent in selling a property, the majority of sellers (73 percent) are still happy with the process.