Selling a home means more than just making a profit – it also means needing to set money aside to pay for future charges.
Zillow and Thumbtack (an online home improvement marketplace) revealed that the average homeowner will pay almost $21,000 to sell their home. More than two-thirds of these costs go towards the transfer and sales taxes, as well as agent commissions.
If you’re a first-time seller, these “hidden fees” can come as a shock to you.
Location was another factor when it came to charges soaring – San Diego, San Francisco, Los Angeles, and Seattle were some of the top contenders for the highest fees and commissions.
Homeowners typically prepare the home for sale, which means additional home repairs – these updates equate to almost $6,570 on services. While these prices might anger home sellers, it’s important to remember that these projects will ultimately be a return on their investment and will help sell the home for a higher price.
For 79% of sellers that completed at least one home improvement project before putting their home on the market, they were more likely to sell their home for more than their asking price than those who didn’t update their home.
It’s important that sellers factor in all the unexpected fees and charges that come with selling a home.