Are you planning on selling your house soon?
When it comes to selling a house, people only think of profits, but not the hidden costs of doing so. Selling a home can come with some surprising expenses. Using a real estate agent comes with many costs, from commission fees to hidden fees.
Over 90% of house sellers had help from a real estate agent when selling their homes. If you are looking to sell your house fast for cash, you should try to learn how to sell your house without a realtor.
So, how much does it cost to sell your house? Here’s a helpful guide on 10 ways you can save when selling your house.
1. Use the House Seller’s Market to Your Advantage
If you’ve been keeping track of the real estate market in the past years, you know about the rebound in progress. There has been a noticeable shift in the buyer and seller dynamics. The housing market is now more of a seller’s market than a buyer’s market.
As a house seller, this gives you more room to negotiate. During the age of the buyer’s market, sellers often had to cater to applicants due to the lesser demand.
With this rebound in the housing market, you can now name your price or even start an auction. This shortage of homes in the housing market means you can also negotiate the fees of selling your house.
As mentioned, there will be many costs that come with selling your house. This includes real estate commissions if you hire a realtor, closing fees, and others. Leverage the seller’s market to your advantage and negotiate lower costs and discounts.
2. Research How Much Does It Cost to Sell Your House
To know how much it costs to sell your house, you should research how to sell your home. The only way to save money when selling your home is to understand the process. This process starts with getting your home ready for selling to the final closing date.
Depending on your state, there are different government fees for house selling. Consider lawyer fees when notarizing contracts and fees for changing the land title. If you are a first-time house seller, there are many ways to learn how to avoid these mistakes.
3. Understand the Paperwork and Fees
Doing research isn’t enough, you must also understand the paperwork needed and fees. Understanding these things helps you avoid penalties and headaches later on. Understand and breakdown ant fees you may have to pay when selling your house.
Go to your local government building and ask what are the required papers and fees you need to pay to sell your home. Government fees are often required and non-negotiable. That’s why you should learn to negotiate things like home insurance and commissions.
4. Work Without a Real Estate Agent
One of the largest slices of the costs of selling your home will go to a real estate agent’s commission. That is why if you want to save a lot, it’s recommended to skip an agent.
You can list your home as a for-sale-by-owner property or FSBO, there are also sellers who use a flat-free MLS. Although this requires a significant amount of time and effort, FSBOs can help save you a lot of money.
An easy way to sell your house as an owner is to use online real estate websites. There are many communities dedicated to selling houses that you can join.
5. Negotiate Your Real Estate Agent’s Commission
If your property is out of state and you don’t have the time to meet potential buyers, get an agent. You can still get a real estate agent if you think that this is the best option for you. Getting a real estate agent also helps you save time and transportation costs.
If you are a first-time seller, a good thing to know is that in real estate, everything can be negotiable. You can negotiate your real estate agent commission. Save money by finding a real estate agent who is willing to work within your terms.
6. Fix Your Home Before Selling
Repair work for a used house is important to make the house more appealing to potential buyers. Make sure that essential things such as electricity, plumbing, and water are in good shape. You should also check for things like any pest infestations or mold.
When fixing your house, it may be easy to overdo it. If you intend to save money, it is crucial only to repair what needs fixing. Repairing essential household necessities will generate a higher return of money. Buyers usually look for homes that they can live in right away.
A great way to save a lot of money is by doing what you can. Avoid charges and service fees by doing some DIY repairs.
7. Sell Your House As-Is
Selling your house as-is means that you will sell it as it is, without any repairs. One of the best reasons to sell cash is that you can avoid making repairs that the buyer requests. As a first-time seller, you may become inclined to give buyers more than what they need so you can sell the house.
If you are looking for how to sell your house fast, then selling as-is might be a good option. When doing this, make sure the buyer has an inspection first and make your terms clear. While this may ward off potential buyers, you can sell your house faster at lesser money spent and effort.
8. Have the Right Price for Your Home
Pricing your home is one of the hardest decisions to make when selling your house. While it may be tempting to make a ton of profit, selling your house at a reasonable price is the only way to sell it. Research the current market values of homes in your area and price your house in that range.
9. Be Reasonable With What You Can Do
Always check your situation from an unclouded point of view. Be reasonable with things you are willing to do and negotiate. If you can’t do DIY repairs or cannot do open houses, then hire services to help you.
10. Know When to Cut Corners
Saving money isn’t always a good thing. While some things such as renovation or fixing cost money upfront, they can save you a lot of money later on. Investing money in the right things and services makes sure your repairs last longer.
Save Money on Selling Your House Now
How much does it cost to sell your house? These are only ten of many ways you can save money when selling your house. Follow these tips to save money while selling your house.
Looking for more ways you can save money when selling? Then we’ve got you covered! If you want to learn more helpful tips on how you can save money while selling your house, check out our other guides.