Exhausted Couple sitting among moving boxes - Packing boxes, Moving Tips for Home Sellers, Moving Advice for Home Buyers, - Bill Salvatore, Arizona Elite Properties 602-999-0952

You Know About Closing Costs, so How Much More Will You Spend?

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:

  1. Moving and Packing Materials, Moving Equipment
  2. Cleaning Products for Both the Home You’re Leaving and the One You’re Buying
  3. Moving Insurance
  4. Storage Rental Fees
  5. Pet Boarding
  6. Utility / Cable Deposits and Connection Fees
  7. Temporary Lodging
  8. Lost Wages
  9. Restocking Your Kitchen
  10. Replacing Broken Items
  11. Gratuities & Meals for Professional Movers
  12. Car Rental is Your Automobiles are Being Transported
  13. New Locks / Re-Keying
  14. Home Warranty
  15. Vehicle Registration and Fees if You’re Moving Out of State
  16. 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.

For more information, Call or Text: 602-999-0952
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:

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