What Are the Fees When Selling a House?

Selling your house can be an exciting and nerve-wrecking journey. You're about to embark on a new path, start new adventures and move on from one home to another. However, the process of selling your home stands in the way of beginning your new life. If you have a realtor, you're probably aware of closing costs and realtor fees. But did you know there are other fees associated with selling your house? Read on to learn more about fees you'll pay when putting your home up for sale. 

Home Improvement Fees

Many realtors suggest enhancing your home's curb appeal before listing it for sale so it's enticing from the moment it hits the market. This can mean anything from fixing a leaky faucet to resealing the deck. These fees vary based on how much sprucing up your home needs. You may also consider hiring a staging agency to stage your home for you. This could cost up to $1,500, but it increases the appeal and overall value of your home. You may also want to hire a professional cleaning company to deep clean your house, which can cost about $300. 

Realtor Commission

Arguably, the most expensive fee is the realtor's commission. This is the incentive the agent has to sell your house quickly. Many realtors have differing commission fees, but the average cut is around 5-6% of the cost of the home. This means if you sell your house for $300,000 you will pay your agent $15,000 to $18,000 for selling your house for you. This may seem like a lot to fork over, but the agent does all the legwork for you, host open houses and completes necessary paperwork on your behalf. 

Inspection Fees

One of the most common delays in closing a home sale are home inspection issues. Avoid these issues by hiring a home inspector to identify issues before you list your home. Home inspections cost, on average, $350 but can vary based on how large your home is and how extensive you'd like the inspection to be.

Mortgage Payoff

If you still owe on your mortgage, a percentage of the sale has to go towards paying it off. Contact your bank or lending agency for the payoff balance.

Closing Costs

Once a buyer has decided to purchase your home, both parties are responsible for closing costs associated with the sale. This typically costs you 1-6% of the total selling price. These fees include title transfer fees, settlement fees, excise tax and seller concessions. The last are financial incentives the seller offers to the buyer to sweeten the deal. This could mean a discount on the house or an offer to have the home inspected again before move-in. These fees vary depending on how active the market is, if your home is in a desirable neighborhood and how motivated your buyers are. 

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