| Experts estimate that most people who use a | | | | things simple, let's say that you still owe |
| Realtor will pay as much as 10% of your | | | | $50,000 on your current mortgage. If there's |
| selling price in costs associated with | | | | a prepayment penalty, you'll need to deduct |
| selling. The cost of selling a home yourself | | | | that from your eventual sales price as |
| can range from 4% to 8% of the selling price | | | | well.Tip: Ask your lender to prepare a payoff |
| of your home. When you're estimating your | | | | statement for you to check your figures. If |
| expected gains, remember that the cost of | | | | there is a fee charged for the service, you |
| selling a home can be deducted from that | | | | can deduct it as one of the costs of selling |
| figure for tax purposes.To give you an idea | | | | a home.230,00050,000 |
| of what the costs of selling a home in the | | | | |
| current market are, take a look at the | | | | 180,000Repairs to Your HomeThe cost varies |
| information below. We've included estimated | | | | widely depending on the age of your home and |
| costs based on a $250,000 home sale, as well | | | | how well it's been maintained. At the very |
| as some tips for lowering or eliminating them | | | | least, you should get a home inspection to |
| to lower your overall cost of selling your | | | | identify any possible problems to avoid being |
| home.Sales commissionIf you list your home | | | | surprised by them at closing. You should plan |
| with a Realtor, expect to pay 4 to 6% of the | | | | on paying about $300 for a home |
| sales price, or $8,000 to $12,000 in real | | | | inspection.180,000300 |
| estate commission.Tip: Shop around. Real | | | | |
| estate commissions aren't written in stone. A | | | | 179,700Pre-Sale FaceliftAgain, the cost |
| Realtor may be willing to accept less of a | | | | varies with the work that's needed to get the |
| commission in a slow market, or you may be | | | | house looking its best. Conservative |
| able to save money by contracting with a | | | | estimate: $300 for new paint, screws and |
| Realtor for specific services only rather | | | | hardware, carpet for living room floor and |
| than a contracted listing.250,000 | | | | landscaping service179,700400 |
| | | | |
| -12,000 | | | | 179,300Moving costsThe cost of moving from |
| | | | one home to another are included in the cost |
| 238,000Closing CostsTaxes, both transfer | | | | of selling a home. It may be as little as |
| taxes and property taxes, and legal fees | | | | $1000 to as much as $12,000 for a cross |
| associated with the closing and finalizing of | | | | country move. Let's be conservative again - |
| your home sale will be 2% to 4% of your sales | | | | $3,000179,3003,000 |
| price, or $4,000 to $8,000.Tip: Check the | | | | |
| laws in your state. If you've prepaid your | | | | 176,300Other relocation costsYou may need to |
| property taxes for the year, you may get a | | | | replace appliances, pay off school transfer |
| credit instead of a bill. There may also be | | | | or gym fees, or pay storage for your |
| other refunds on prepaid escrow costs for | | | | furniture. There are many unexpected costs of |
| home insurance and other costs of selling a | | | | selling a home which may amount to nothing, |
| home.238,000 | | | | or add up to a good chunk of change.Even |
| | | | without adding in other relocation costs, you |
| - 8,000 | | | | can see how the cost of selling a home can |
| | | | reduce your final cash gain. The good news is |
| 230,000Paying Off Your MortgageWhatever the | | | | that most of those costs are deductible on |
| remaining principal balance is on your | | | | your taxes.Brian Shelton makes it easy to |
| current mortgage will have to be paid off | | | | sell your house fast. |
| upon the sale of your home. Just to keep | | | | |