How Much Does It Cost to Sell a House?
Listing your house on the market can be an exciting adventure that takes you to the next stage of your life. You may be wondering, How much does it cost to sell a house? There are numerous costs involved in sale preparation, realtor commissions, closing costs, and additional fees and expenses.
For this reason, many homeowners choose to get a fast cash offer from a local house buyer. If you are looking for an opportunity to sell your house fast in DMV, then you may want to go with a local investor who can buy your house as-is. Below, we look at how much it costs to sell your house and why you may want to consider working with a company that purchases houses as-is.
The Cost of Selling a House in DMV
On average, you will lose 15 percent of the sale price of your home in expenses and fees. For example, if you sell a house for $200,000, you may pay as much as $30,000 in selling expenses off the top. Considering that your profit margin is likely to be right at 15 to 18 percent, you?ll barely get out of the property with any net proceeds left over.
What are the typical costs associated with selling?
Asking Price: $250,000
Cost of Sale
Percentage of sale price
Inspection and Appraisal
Total Cost to Sell Your Home
Hiring an agent to sell your house is still the most popular way to unload the property. However, it may not be the smartest. The standard realtor commission is 6 percent of your home?s selling price. Why 6 percent? The commission is typically split between the buyer agent and the seller agent ? each agent receives 3 percent.
If you sell your house for $250,000, the realtor commission will be $15,000. Splits two ways, that works out to $7500 for each realtor. While it can be argued that an agent can leverage your negotiating powers at the table, you need to ask yourself if it is worth it to lose $15,000 of your net profit considering how much work and effort you have to put into selling your house.
Home Appraisal and Inspection
The average cost of a home inspection is $250 to $400. While that seems like a small expense, the purpose of an inspection is to identify BIG problems with your home. A small inspection fee can turn into hundreds of dollars in repairs and renovations in major systems in your home (more on that below).
Appraisals are similar to inspection in that the appraiser inspects your home and looks for any problems. In some cases, an appraiser and inspector more perform the same job. However, the difference is that an appraiser is there to determine the overall market value of your home. The average cost of an appraisal is $300 to $450 dollars.
Home Repairs and Renovations
Repairs are designed to make your home sellable. Renovations are designed to make your home more attractive (staging your home). Both can cost you thousands of dollars that you were not planning to spend. Common repairs that you may have to fix after a home inspection include:
- Structural defects
- Roofing repairs
- Building code violations
- Safety issues
- Electrical or plumbing issues
- HVAC system
- Insulation or drywall
According to HomeAdvisor, Major home repairs typically cost between $5,000 and $20,000 depending on what home component needs to be repaired or replaced. At least 70 percent of all homeowners have to make one major repair before they could sell their home. The average homeowner must pay for three home improvement projects to get the house ready for the market.
Keep in mind that renovations and repairs do not necessarily include staging your home to make it more welcoming to buyers. Staging costs can run between $450 and $1800.
As a home seller, you may be shocked at how much you have to pay in closing costs. These are fees for a variety of services that help you close the deal on your house. Closing costs can eat up one to three percent of your home?s sale price. Closing costs may include
- Attorney fees
- Title insurance company
- Title transfers
If you are like some home sellers, you may have to offer to pay the buyer?s closing costs in order to sell your property. This increases your closing costs substantially, leaving you with a lower profit margin.
Other things you need to consider when moving are items such as marketing or listing costs, relocation expenses, and paying your remaining mortgage balance if the house sells below mortgage. You may also lose money if you have to sell your house when you are upside down on your mortgage.
This means that the loan balance is higher than the current value of your house. Although it is generally not a good idea to sell your house under these conditions, you may be in a situation where you have no choice.
Sell My House As-Is in DMV
Whether you live in the Washington, D.C., Virginia, or Maryland area, you can sell your house for cash without listing the property on the market. The process is simple and requires little effort on your part. There are several benefits to selling your house as-is, including:
- Sell your house in as little as 30 days.
- You don?t have to pay for renovations or repairs.
- Avoid the stress of listing and selling your house.
- Work with a local house buyer instead of showing your house.
When you sell your house to a local cash home buyer, you eliminate the stress of listing your home on the market. You simply call the investor, schedule a quick walkthrough of the home, get an offer, and close the deal within a month. The company that buys houses is responsible for all costs and other responsibilities.
Furthermore, you can sell your house regardless of your situation:
|Bankruptcy||Damaged Property||Distressed Property||divorce|
|Downsizing||Foreclosure||Inherited House||Late Payments|
|Probate||Relocating||Rental Properties||Ugly Houses|
Sell My House Fast for Cash in the DMV
At Fortune Homes, we buy houses for cash. Regardless of the condition of your home or your current situation, we can help you sell your house and put cash in your hands in as little as 30 days. Get a fast cash offer by calling 202-918-9600 and scheduling a quick walkthrough with a local cash home buyer.
We buy houses in the following areas:
|Vienna||Washington, D.C.||Arlington County|
|Fairfax County||Loudoun County||Montgomery County|
|Prince George?s County||Prince William County|