The True Cost of Selling Your Home

When you’re considering selling your home, it’s important to have a complete picture of the process so you can plan ahead. While many sellers expect to pay 5-6% in agent commissions, there are additional costs that can add up quickly. In reality, selling a home often costs between 9-12% of the sale price. Let’s break down these costs and see how they impact your bottom line.

Home Updates, Repairs, and Staging

Repairs and Updates

Over time, you get used to your home as it is. But when you start looking through the eyes of a potential buyer, those small repairs or updates you’ve put off might become more noticeable.

Think about things like:

• Old appliances, like the hot water heater or furnace.
• Sticky doors, peeling paint, or outdated fixtures.
• Plumbing or electrical issues.

According to HomeAdvisor, the average cost of home repairs and renovations during a sale is $13,028 (source). Buyers or inspectors may also request additional repairs before the sale is finalized, so it’s smart to build some flexibility into your budget.

Staging

Staging helps make your home more appealing to buyers, but it can come at a cost. Professional staging services range from $300 to $600 per room, with additional fees for furniture rentals if needed (National Association of Realtors).

Closing Costs

When selling your home to another individual or family, you’ll likely pay 1-3% in closing costs, which can include:

• Title insurance policy for the buyer: Protects the buyer from title disputes.
• Escrow fees: Covers services for handling the sale transaction.
• Transfer taxes: Vary by state but are often required during the sale.

Moving Costs

Once your home sells, you’ll need to move out! The cost of moving depends on how far you’re going and how much stuff you have:

• Local moves: $800-$2,500 (source).
• Long-distance moves: $2,200-$5,700, depending on distance and load size.
  You may also need to pay for temporary storage or moving supplies like boxes and packing tape.

Let’s Look at an Example

To make this easier to visualize, here’s an example of what selling a $200,000 home might look like:

In this example, the total cost of selling adds up to $33,528, or about 16.8% of the home’s value. While this is on the higher end, it shows why it’s important to budget for more than just agent commissions.

What’s Next?

Selling your home is a big decision, and it’s normal to feel overwhelmed by all the moving parts. By understanding the full scope of costs involved, you can make better plans and avoid surprises.

If you’re ready to explore your options or have questions, we’re here to help. Forget the robots and automated responses—our team of real people is ready to guide you every step of the way. Just pick up the phone and let’s talk!