As you begin to plan on the purchase of your next home, you will need to know the cost of selling your present home. It is critical that you know the charges and understand each one as it relates to your transaction.
Traditionally the cost of selling your home could cost up to 8 - 10% of the selling price of your home. Most of these charges have options that you need to understand.
Your agent will charge you to market your home while providing expert advise. This is likely the biggest expense you will have and it is the most valuable service in securing the sale of your home. A good time to discuss your expenses is when talking with your agent about the marketing plan involved in listing your home for sale to reach the largest group of potential buyers.
A pre-listing home inspection might reveal some repairs which you may need to pay for. This is part of the negotiating process as you receive offers for your home. Be sure to ask your agent for advice during this process.
There will be a prorated share of your property taxes when you sell your home. If your home is in a neighborhood with a Home Owner's Association, that fee will be prorated also. The new buyer/owner will assume responsibility for those charges at closing and if they have been paid in advance, you should receive a credit on the closing statement.
Another fee would be title insurance. Which is the policy indicating that research has been done to insure that there are no liens on your property and to assure the buyer that there is a clear title. The research is normally done by the closing attorney's office.
You will also want to budget monies for moving expenses. Whether you are moving yourself or hiring a moving company there will be expenses, i.e. boxes and moving truck. Estimates for this job vary widely....talk to several companies.discuss the best way to market your property to potential buyers and determine the best plan for you.Some optional costs could be a home warranty, home staging and etc. This is where having a professional discuss the best way to market your property to potential buyers and determine the best plan for you.
As always, with a critical decision such as this, it's advisable to have an experienced and knowledgeable agent representing you to be sure that you get to the closing day with the least amount of problems and/or stress in the most reasonable amount of time for you and your family. Always remember....
...."You've Got a Friend in Real Estate"