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Expenses You Need to Be Prepared for When Selling Your Home

Posted on in Real Estate

grayslake real estate closings attorneyWhether you are happy in your current home or believe that it does not fully meet your family’s needs, the time may come when you will be ready to pick up your roots and move to another home in your city, a neighboring area, or somewhere else entirely. To be able to move, you will not only need to find a new home, but you will need to put your current home on the market and begin showing it to potential buyers. Since moving can be expensive, you will want to avoid unexpected expenses whenever possible. As you prepare to sell your home, understanding the various costs involved will help you make sure you will be able to maintain financial success as you begin the next phase of your life.

Costs Involved in Selling a Home 

You will want to fully understand expenses that may apply as you prepare your home to be sold, list it for sale, and complete the home closing process after accepting an offer from a buyer. These expenses may include:

  • Inspections and repairs - While a buyer will perform a home inspection during the closing process, you may also choose to perform your own inspection to determine whether there are any issues that will need to be addressed or repairs that will need to be made. By addressing these issues before selling your home, you can avoid unexpected costs for repairs requested by a buyer. 

  • Appraisals and improvements - Before listing your home for sale, you may need to have it appraised to determine the correct market value. As you prepare for an appraisal, you may want to consider making improvements that will increase the value of your home, such as installing new countertops or cabinets.

  • Staging - After listing your home, you will want to make sure it is appealing to potential buyers. While you may be able to arrange your current furniture and decorations to present a good picture to buyers, you may also take other steps, such as repainting rooms in neutral colors or improving lighting by purchasing new lamps. 

  • Buyer concessions - When a buyer makes an offer on your home, they may attempt to negotiate favorable terms that will allow them to save money. These may include asking you to pay certain closing costs that would usually be paid by the buyer or requesting that certain items such as appliances be included with the purchase of the home. 

  • Closing costs - There are a variety of costs that you will be required to pay as the seller in a real estate transaction. These may include commissions paid to your real estate agent and the buyer’s agent, prorated property taxes for the current year, title insurance, title transfer fees, and escrow fees.

Contact Our Waukegan Residential Real Estate Lawyers

When selling your home, it is important to work with an attorney who can protect your interests and help you resolve any issues that you may encounter. At Newland & Newland, LLP, we can make sure you understand your closing costs and other expenses, and we will work with you to help you complete your transaction as efficiently as possible. Contact our Grayslake real estate attorneys at 847-549-0000 to set up a complimentary consultation.

Sources:

https://www.ramseysolutions.com/real-estate/home-selling-mistakes

https://www.zillow.com/sellers-guide/mistakes-to-avoid-when-selling-your-home/

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