Will selling cost you money? Many people list their house, not taking into account what it will actually cost them. There are fees and expenses you should be aware of before you list with an agent. In our latest post, we will let you know what costs to expect when selling a home in New Orlean!
Have you decided to sell your house in New Orlean? Before deciding how to sell, there are many things to think about! Remember that listing your house will cost money both up-front and once the property closes. Factor this in when pricing your house and deciding who to work with.
Studies show that the average amount it takes to sell a house in the U.S. is $15,200! That’s a lot of money! This number will vary based on where you live and the price of your home.
Will Selling Cost You Money in New Orlean?
Agent Commissions – Commissions typically amount to around 6% of the final sale price of the home. When you sign the listing agreement, you will know what your agent charges. This cost isn’t paid up-front, but it is deducted from the amount you walk away with. Remember this when pricing your home.
Agent Fees – There may be additional fees charged in the selling process, depending on the agency. Some agents will pass marketing and listing fees directly to their clients. Find out what’s included and what you have to pay for when all is done.
Closing Costs – Closing costs include transfer fees, title insurance, title search fees, recording fees, transfer taxes, appraisal costs, discount points, credit report fees, and more. Expect to pay about 2% of the final sale price in closing costs.
Taxes – When you list your home for sale, you are responsible for property taxes, utilities, and homeowners insurance up until the day of closing. Together, these can cost thousands should it take a few months for the property to sell and close. The sooner you sell your home, the better!
Preparing Your House for The Market – A lot of time, money, and energy goes into preparing a house for sale. There are repairs to make, walls to paint, and carpets to clean. You will need to remove personal belongings, and stage the home for selling. Whether you work with a professional or do it on your own, you are likely to spend money on new decorative pieces in the house. You should clean up the yard, but also consider some new landscaping for better curb appeal.
Inspections – While it isn’t required, more sellers are paying to have their homes inspected before listing them. This costs around $200 and up. By doing an inspection before you list, you are able to address any issues with the home before they pop up in your buyer’s inspection. This also give you negotiating power during the selling process.
Storage and Moving – While moving isn’t technically a selling cost, it is a large expense you will have to make once the house closes (if you haven’t done so already.) Whether you hire movers or do it yourself, moving can get expensive! How far are you going? Will you need a truck? Or pizza to bride your friends? You will also want to consider storage costs if you are living in the home while waiting for it to sell. Packing up unnecessary items ahead of time will make the house look nicer and give you an edge when it’s time to move.