8 Kinds Of Expenses You Should Expect While Selling A House

Selling a house is a profitable business at the outset. But you shouldn’t overlook the expenditure that you’ll incur in the process. Some attention and prior planning can help you control the costs involved, such as for renovation and closing. Here are eight common expenses while making a sale.

1. The Cost Of Repairs

If you have been staying in the house, you will have to bear the cost of repairs on your own. However, if you are a landlord, you can use the advance collected from the tenant to spend on the repairs. You might also have to look into repairs involving, but not limited to, cracked window panes, lighting changes, kitchen appliances, and carpentry works. Buying appliances might also be a sizable expense.

2. Painting Costs

The most cost-effective way to renew your house’s look and feel is by giving the walls a new tint. While you can take it upon yourself to do the repainting, it is faster with a hired professional. The cost of window washing also becomes a part of the renovation process.

3. Landscaping Costs

If you have a landed individual house, you need to give your garden a trim and a rake. Mow that lawn and cut down the shoots. Check for extended tree roots, and if there are any plumbing blockages, spend on redesigning the landscape.

4. The Cost Of Home Appraisal

After the repairs are completed, you will have to call a professional appraiser, and his inspection and report is going to cost you quite a lot. The appraisal report will set the basic pricing for your house, and is a worthy investment.

5. Vacancy Costs

If you are going to be away for a while before starting the sale or, if for any reason, the property is stagnant on the market, you are going to incur a vacancy cost. It is the amount that you will have to spend monthly to keep the house running despite not staying there.

6. Loan Payoffs

If you are planning on selling the house at the end of the loan repayment term, you will have to feed the bankers more than what you initially expected. There will be mortgage balancing, loan payoffs, and release statement fees for several important documents.

7. Real Estate Agent Commission

The most evident expense is that of employing a real estate agent. If you have a high selling price, expect the agent to draw a heavy commission.

8. Moving Costs

If you are choosing to stay at the house until it is sold, the expenses of moving out will form a part of the selling costs. In most of the cases where owners are moving out, they tend to use the services of the movers and packers, who also need to be paid.

The good news is that these costs can be minimized, if proper planning is done well in advance.

8 Kinds Of Expenses You Should Expect While Selling A House