Selling your home can feel overwhelming, but with the right information, the process can be much smoother. From repairs and inspections to agent commissions and moving costs, understanding what to expect will help you stay prepared and avoid surprises. Here’s a breakdown of the essential costs and fees you need to know when selling your home.
1. Agent Commission Fees
One of the largest costs involved in selling your home is the agent commission. On average, real estate agents charge a commission of about 5% of the sale price. This fee is typically split between the buyer’s agent and the seller’s agent, and it’s deducted from the proceeds of the sale.
2. Moving Costs
Whether you’re moving locally or out of town, moving costs can add up quickly. For local moves, the average cost is between $500 to $2,000, depending on the size of your home and the amount of belongings you have. It’s important to budget for this expense when planning your sale.
3. Attorney Fees & Transfer Fees
In addition to agent commissions and moving costs, there are legal and administrative fees to consider. Attorney fees and transfer fees can range between 1-3% of the sale price. These costs cover legal assistance, document preparation, and the official transfer of ownership to the buyer.
4. Home Repairs and Inspection Requests
To ensure a smooth sale, many sellers are required to address home repairs or respond to inspection requests. On average, home repairs and inspection requests can cost between $500 and $5,000. These repairs can range from minor fixes to more significant issues discovered during the inspection process.
Stay Prepared for a Smoother Sale
Understanding these common selling costs can help you prepare for a successful home sale. While some expenses may seem daunting, staying informed allows you to plan ahead and make the process much smoother.
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