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You have probably heard the phrase “never count your chickens before they hatch”. Well, the same goes for your profits when selling your Inland Empire home. Just like buying a house, it also costs money to sell a property. So, before you count up all the profit you expect to receive, keep these home selling costs in mind.
Home Selling Costs That Eat Into Your Profit
Repairs
The majority of home buyers today want a turn-key property, not a fixer-upper. Falling behind on your regular maintenance tasks may cost you a pretty penny at the bargaining table. Smaller tasks should be tackled before you list by a reputable handyman. For major repairs (such as a roof replacement or HVAC overhaul), it might work more to your advantage to either lower your list price or offer a credit at closing. Replacing a roof in Riverside costs as much as $11,000+. But you only receive 72% of that cost back.
Professional Photos
Many homebuyers begin their search for Inland Empire homes online…even before contacting a real estate agent. Since the start of the pandemic, this number has only gone up. So, if you want to make a great impression (and bring buyers to your door), you need to showcase your property with high-qualify professional photos. Fortunately, many real estate agents work closely with photographers and videographers. They may even include photos and video as part of their services. If so, yay! It will not cost you extra. However, if they do not, it is still well worth the money to get a pro out to highlight your property’s best assets.
Landscaping
Never neglect your curb appeal. You might get away with an older paint scheme and slightly worn-out flooring. But buyers always want to see a nicely landscaped yard. Therefore, another one of the home selling costs that eat into your profit is hiring someone to make your curb appeal pop. Luckily, you can save some money by doing some of the work yourself.
Closing Costs
Yes, even sellers pay closing fees as part of their home selling costs. These include real estate commissions, transfer tax, title insurance, mortgage processing fees, escrow fees, and notary fees. You also pay any outstanding property taxes as well as a prorated water and sewage bill dependent upon the date of closing. Also, any remainder of your mortgage (including a second mortgage, if applicable) must be paid out of the money received for your home’s sale. If you used a real estate attorney for any part of your transaction, their fees must be paid at closing as well.
Muna Dionne, your Inland Empire specialist with Coldwell Banker Realty
