The Unexpected and Forgotten Costs of Selling a Home
When it comes to selling a home, there is a short list of unexpected costs you should expect to pay.
What are the unexpected costs you can expect to pay in our Charleston market?
The first and biggest expense you need to know about beforehand is the agents’ commissions. In a real estate transaction, the seller pays both the listing agent’s commission and the buyer’s agent’s commission.
From there, the costs are relatively small compared to what the buyer pays, and they include:
- Attorney costs, which will be between $400 and $500.
- Deed stamps, or taxes for transferring a home. Every time a seller sells a home, they’re charged deed stamps. These are calculated as 3.7 times however many thousands of dollars you sell the home for. If you sold a home for $500,000 for example, your deed stamps would cost roughly $1,800.
- HOA fees. If you haven’t already paid your HOA fees for the year, you’d have to pay them for the time you used the home. If you did pay your HOA fees for the entire year and sold right now in April, you’d get a credit back for what you already paid.
- Repair costs. These can be significant if the buyer’s home inspector finds a bunch of things wrong with your home. If your home is well-kept and the inspection report is small, then they’ll only cost you hundreds of dollars instead of thousands.
- Taxes. If you haven’t paid your taxes, they’ll be charged to you at the closing table. If you have paid taxes for the entire year, you’d get a credit back.
- Moving expenses. How much will it cost you to move out of your home?
- Termite inspections. Some contracts require you to pay roughly $150 for a termite inspection.
Aside from your commission costs, the rest of these costs should add up to a few thousand dollars most likely. Remember though, every home and home sale is different.
If you have any specific questions about how much it would cost you to sell your home or you want to know how much your home is worth, don’t hesitate to reach out to me. I’d be glad to help you.