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