You’ve decided to sell your house on your own, and you realize there will be some costs involved. So, wisely, you’re now asking: “What should I budget for if I sell my house on my own in Greensboro?”
The answer may surprise you.
It is true that home prices are rising in quite a few markets nationwide. It may also be the case that your home has appreciated considerably over the years. But before you count your profits, you’ll need to factor in these obvious and not-so-obvious costs of selling your house.
What Should I Budget for if I Sell My House on My Own in Greensboro
Commission Fees
Let’s get this one out of the way right off the bat. A lot of sellers think that in a hot market they can sell a house themselves and thus avoid the standard commission fees. But the truth is otherwise. Even i sell my House on My Own in Greensboro, you still have to pay the buyer’s agent’s brokerage fees.
Repairs
Many potential buyers are deterred by properties with issues, and it’s common for homes to have some level of problems. Typically, sellers need to address repairs before listing their property. Neglected maintenance can result in significant repair expenses. For instance, replacing a roof may cost up to $20,000.
Landscaping
Curb appeal is of utmost importance: it’s what gets potential buyers to stop and then come in the door. And landscaping is the number-one improvement that most enhances curb appeal. The cost of a thorough, full-blown landscaping job performed by a professional landscaping service runs, on average, just a little over $3,000.
Staging and Photography
When contemplating, “What should I budget for if I sell my house independently in Greensboro?” it’s crucial to consider staging and professional photography expenses. Neglecting these aspects may result in prolonged time on the market.
Staging involves optimizing the presentation of your home to enhance its appeal. It’s essential to showcase this through professional photography for online listings, where a significant number of buyers initiate their search. Professional photos typically range from $500 to $1,000.
Utilities
If you plan to move out of your current house into a new home, you can’t just shut the utilities off in the home you vacate and intend to sell. Buyers absolutely do not want to walk through a cold (or sweltering) and dark house. (Also keep in mind that if you turn off the electricity and air conditioning during the summer, you run a high risk of developing a mold problem.) So, at the least, you will need to keep the electricity on and probably the gas as well in the wintertime. If the house is one you’ve been living in, then you already know what it will cost you to keep the utilities on.
Capital Gains Taxes
When selling your house in Greensboro, it’s important to consider capital gains taxes. These taxes are based on the difference between the purchase and sale prices, minus the documented improvements’ costs. While there are exemptions available, it’s crucial to be aware that Uncle Sam may still require a share of the profit. So, if you’re asking yourself, “What should I budget for if I sell my house on my own in Greensboro?” be prepared to set aside a significant amount.