Selling Your House Can Cost You Plenty!
Suppose you bought your house for $100,000. If you sell it for $150,000, do you really think you’ve made $50,000 profit? Think again! Before you even start the selling process, you’ve got some expenses to consider.
Repairs and improvements: Repairs can prevent devaluation of your home; the right improvements can increase the selling price or decrease taxes if you make a profit.
Advertising and promotion: If you sell your house yourself, you’ll need to spread the word. For a fee, web sites will put pictures of your house on the Internet; you’ll want to place conventional ads in local newspapers and neighborhood flyers, as well. A flat-fee MLS listing will reach buyers through real estate agents. Of course, you’ll need for-sale signs. Staging an open house or two will help (don’t forget the invitations, signs, coffee and doughnuts . . . ). Sell to a direct Cash Buyer in Cincinnati.
Prepayment penalty: Oh, yes! Even when you give them all the money and pay off your mortgage on the home you’re selling, they may charge you a “prepayment” penalty!
Moving costs: Well, you could just leave it all behind and start fresh. But that’s rather pricey, too.
All this is before you get down to transacting the actual sale. Fees vary, depending on your location, but whether you pay or the buyer does may be decided by negotiation. In general, though, here’s what you can expect:
Professional house inspection provides a report of the physical condition of the house. Buyers usually have their own inspection done, as well.