You Know About Closing Costs, so How Much More Will You Spend?
Whether you’re selling or buying a home, there are of course the little things like deposits and connection or disconnect fees for utilities, cable TV and WiFi. But as we all know, the little things add up quickly. Both Home Buyers and Home Sellers run into these mini surprises that they haven’t factored into their moving budget. The chart below outlines the typical cost of Home Seller incidental expenses for 34 major cities in the U.S.
Plus a few additional moving costs to consider:
- Moving and Packing Materials, Moving Equipment
- Cleaning Products for Both the Home You’re Leaving and the One You’re Buying
- Moving Insurance
- Storage Rental Fees
- Pet Boarding
- Utility / Cable Deposits and Connection Fees
- Temporary Lodging
- Lost Wages
- Restocking Your Kitchen
- Replacing Broken Items
- Gratuities & Meals for Professional Movers
- Car Rental is Your Automobiles are Being Transported
- New Locks / Re-Keying
- Home Warranty
- Vehicle Registration and Fees if You’re Moving Out of State
- Changes in Mortgage Interest Rate
Home sellers spend an average $15,190 on common, yet often overlooked expenses associated with placing a home on the market, including closing costs and home improvements, according to a recent analysis by Zillow.
Over 80 percent of sellers spend on improvements to their homes before listing, with the most popular being carpet and/or house cleaning, interior painting, lawn care and staging, totaling an average $2,658. Sellers also typically spend elsewhere, such as on closing costs that include real estate professional commissions and sales or transfer taxes, totaling an average $12,532. (Note: Closing costs vary considerably by location—see chart below.)
“One of the biggest regrets sellers have is not starting the process early enough,” says Jeremy Wacksman, chief marketing officer at Zillow Group. “For those planning to sell this year, take your time to research all the costs you could be responsible for and how they may affect your profit, or even budget for your next home. Partner with a great agent who can help you understand the nuances in your market—from what taxes or closing costs you should expect, to which home renovation projects can help attract the right buyer.”
“Sellers need to consider these additional, often necessary costs when planning to put their home on the market,” says Lucas Puente, economist at Thumbtack, which also conducted the analysis. “While it’s clear these costs vary widely, often times the easiest way to ensure a home is fully prepared to be sold is to hire local, skilled professionals to help with basic home projects.”
For more information, please visit www.zillow.com. Reprinted with permission from RISMedia. ©2017. All rights reserved.
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eMail: golfarizona@cox.net
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
Ever wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article:
Who Pays for What?
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What is standard and legal procedure in a Real Estate transaction?
Offers and Agreements 101
Helpful Information for Home Buyers – How Much House Can You Afford?
Getting Pre-Approved
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Help for Home Sellers – Do You Know Your Home’s Value?
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