While the groundhog may have called for 6 more weeks of winter until we begin to see and feel Spring, if you are planning to sell your home this spring season you know better than anyone how quick spring will be here regardless of what the groundhog predicts! Weston Dean Custom Homes, a premier Boerne custom home builder
, shares what to be aware of in terms of the hidden costs associated with selling a home.
It is a fact that selling a home takes time, but it also takes money. Most people are aware of the costs associated with needing to update your home to prepare it for selling, but there are also a lot of hidden costs along the way that you will want to be prepared for and budget for in preparation for selling your home this year.
Closing costs on average total up to just over $12,000 on the median home. When you are budgeting for your closing costs, be sure to think of the smaller costs like title insurance and escrow fees.
The other thing to plan for and keep in mind, that location is a huge factor in what and how much you pay. Be sure to do your homework and calculate things like what the average closing cost is in your location, as well as maintenance expenses you may come across. In some west coast markets, homeowners can expect over $50,000, while in the Midwest markets that number is closer to $10,000.
Next, take an inventory of your home and determine where you are going to need to invest money in updates before you sell. If you plan on outsourcing the bare minimum of common home updates, plan on spending just over $2,500 on average, for things such as a deep home cleaning, fresh coat of paint, carpet cleaning and basic lawn care.
You can save some money by doing some of the home update projects yourself, just be sure that you can take care of them confidently otherwise you may end up hiring a professional to fix what you started.
The last thing but not of lesser importance, is estimating the profit you expect or need to make on your home. You can get with your Realtor or loan officer or even do some simple calculations yourself using online sales proceeds calculators that are available to you online. You can determine what your expected profit would be based on the sales price of your home, the mortgage balance and then any agent commissions or other common seller fees that you will also need to calculate into the total costs.
Taking these items into consideration will allow you to have the best chance for success when selling your home and allow you to be prepared so that you don’t walk away with less money than expected after selling your home.
Weston Dean Homes is a San Antonio area custom home builder. For more information call (210) 408-9107.