Selling your home on the Boston market either on your own or with a real estate agent involves spending money out of pocket and even more money at the closing table. Adding up the costs of a listing can be incredibly eye-opening; however, many homeowners fail to account for all the expenses that will eventually trickle their way into the transaction.
Watching your profits being swept away by the costs of selling can be extremely frustrating. To help you put together a realistic picture of what you should expect, we will discuss how to estimate the costs when selling your house in Boston.
Updates and Repairs
Preparing your home for showings is high on the list of costs when selling your house in Boston, often homeowners spend sleepless nights concerned about significant repairs they’re aware the home needs before listing and what other issues may lurk behind the walls or under the floor. In addition, sellers should replace worn or damaged flooring and outdated decor with updates throughout the home. At the minimum, sellers should repair any damage visible to buyers during showings, such as water damage on walls or ceilings.
Making your home feel inviting with a fresh coat of paint and some strategic landscaping and lighting are all part of the costs when selling your house in Boston. To help bring the importance of this expense into focus, if you photograph your home from the street view and compare it to a house on the cover of a real estate magazine, you’ll understand very quickly if your home has the necessary curb appeal.
When estimating the costs when selling your house in Boston, add staging. To create a blank canvas upon which buyers can easily paint themselves into the scenery, sellers often enlist the services of a professional stager. Based on human psychology, top real estate agents understand that staging listings have proven to be well worth it, given the potential to increase the final sales price.
Don’t skip on marketing costs when selling your house in Boston. Most of your buyer pool will likely first view your home through an online listing. Real estate agents understand that professional photographers create the high-quality imagery it takes to stand out in the crowd and know the best sites to get your listing seen. In addition, while costly, 360-degree virtual tours shot by drone pilots can allow anyone to walk through your property at any time, day or night, making them well worth the expenditure.
For example, one of the highest costs when selling your house in Boston is the commissions paid to real estate agents. In an attempt to save the commissions for themselves, homeowners often find themselves knee-deep in complicated paperwork, unexpected expenses, and potentially even in legal hot water over disclosure laws.
Because there is often no guaranteed closing date when you list your home on the market, it’s difficult to pinpoint the costs of holding the property when selling your house in Boston. So naturally, all of the monthly bills, such as insurance, taxes, utility, and maintenance, will keep coming in; you may also have the added financial burden of a second residence or temporary housing if you need to move before the sale. If your new home isn’t a convenient drive away, you may have the added cost of hiring a caretaker to watch over the home you have for sale.
Inspections and Appraisals
Hiring professional inspectors and appraisers is a necessary cost when selling your house in Boston. The buyers, typically taking out a mortgage to purchase your home, must provide reports to the lender for final approval of the loan. Problems discovered during the inspection may cost you even more in additional repairs or time. In addition, should the appraisal come in under the sales price, your buyers will almost certainly require additional financing because the loan doesn’t cover the cost of the property.
When problems arise after an inspection, if your buyers don’t walk away, you may find yourself absorbing the costs when selling your house in Boston. Often, sellers offer credit to the buyers towards the repairs to save the deal or complete the repairs before the closing.
The closing process adds to the costs when selling your house in Boston along with title insurance, taxes, and sellers must pay document fees and the remainder of the mortgage and any loans or liens on the property at this time.
Candor Realty Greater Boston
With Candor Realty Greater Boston, there is smooth sailing no matter whether you decide to sell directly or list; selling your house in Boston directly to Candor Realty Greater Boston eliminates or reduces commissions, inspections, repairs, and all the stress. At Candor Realty Greater Boston, save time and money with our full-service team, a guaranteed closing date, and cash for your home as-is, making the process quick and easy. Call Candor Realty Greater Boston at 617-804-1450 or send us a message to learn more.