The real estate market in the United States is huge. In addition to being the third most populous nation in the world, we also tend to have a bit of wanderlust. The average American will move 11 times in the course of their life.
Most of us could benefit a lot from knowing a few things about real estate. For instance, not only does it cost money to buy a house, but you'll need a bit of money to sell one as well.
How much does it cost to sell a house, though, and what exactly are you paying for? We'll talk about that in this article.
1. Realtor Fees
Whether you're buying, selling, or both, it's always best to hire a realtor. They know their way around the market and can help you get the best price.
Like all workers, realtors need to make money, and the money they make comes from clients. The good news is that you don't have to scramble for money to pay the real estate agent. Their fee comes out of the final cost of the house.
The downside of this is that you will not make as much as the house sells for. A good portion will be taken out to pay fees.
2. Home Repairs
Nothing stays in perfect condition forever, and houses are no exception.
The good news is that issues are usually minor, such as a few roof tiles falling off during a storm, or a bit of paint chipping off the walls. They're not a big deal and they don't cost much to repair.
The problem is that many people don't think about these minor issues until they decide to sell their house. By then, there may be a few different repairs needed, which will cost even more.
Some suggest budgeting money specifically for home repairs. They suggest saving 1% of the house's value every month. For the average house, this comes to $250 per month, and many of us don't have that to spare.
3. Closing Costs
How much does it cost to sell a house? It often depends on the market.
Once the sale has gone through, the closing costs will need to be paid. Usually, it's the buyer's job to pay them, but that isn't always the case.
One exception occurs during a buyer's market. More people are selling houses than are buying them. This gives the buyer a lot more power to negotiate, which means that you may be paying the closing costs as a way to sweeten the deal.
If you want to avoid all this, you could always sell your house as is. It's less responsibility, but you won't make as much money.
How Much Does It Cost to Sell a House?
How much does it cost to sell a house? It depends on how you sell it and when.
We've talked about some of the biggest costs associated with selling a house in this article, but there are others to consider. We encourage you to do more research, so you know what you're getting into.
If you want more information and advice on real estate please visit our site.