7 Unexpected Costs When Selling Your Fort Wayne Home
When most people decide on selling their Fort Wayne house they are excitedly anticipating the money they will make in the process. Unfortunately, most sellers overlook the costs involved with selling your Fort Wayne home.
Fort Wayne home sellers have most likely considered the expense of paying commission to the real estate agents involved in the transaction, but few consider the expense that goes into preparing a house for the market.
Don’t let these 7 expenses catch you off guard when selling your Fort Wayne home:
- Repairs
When you have been living in a house for years it is easy to become oblivious to all the little things in the house that could be repaired. Maybe your dog chewed up the trim or an old leak that has long been fixed left the drywall slightly damaged. These might seem like minor issues to you, but when a buyer sees them they are going to start knocking down the price they are willing to pay for your Fort Wayne house.
Before selling your Fort Wayne home, take a walk through your house pretending you have never been there before. Make a list of all the areas you notice that need to be fixed. Get to work yourself or contact a handyman for assistance. Keep in mind that buyers usually overestimate the cost of repairs, which is going to cost you more in the long run in your selling price.
- Photographs
The majority of Fort Wayne homebuyers are searching online these days. That means the first impression they get of your house is coming from the pictures included with the listing. If the pictures are of poor quality it lessens the chance that the buyer is going to want to take time out of their day to look at your house.
Many real estate agents will take pictures of your house for the listing, but check the photos included on their other listings to check out the quality. If you don’t like what you see, hire a professional photographer that specializes in real estate.
- Curb Appeal
Your Fort Wayne home’s landscaping and curb appeal need to create a desire for buyers to want to see the inside of your house. Dead plants, weeds and an uncut lawn do not give the impression that your house will be well taken care of on the inside. HomeAdvisor says that a full blown landscaping of your yard will cost you a little over $3,000, but do not let that frighten you.
Anything you can do to improve your landscaping will help. Keep your lawn cut and trimmed while you have it listed. Bring in a pop of color with new plants and flowers. Keep your entryway neat and clean to help draw potential buyers in the door.
- Home Staging
Staging your home allows you to create rooms that buyers can see themselves living in. Staging includes everything from where you position your furniture to the little touches like a fresh towel folded on the edge of the master bath-soaking tub.
According to the National Association of Realtors from a 2015 study, $675 is the median cost of having a home staged. However, if your budget doesn’t allow for this when selling your home, with a little research you can make positive staging changes on your own. The Realtors found the most important rooms to stage are the kitchen and living room, followed by the master bedroom, dining room and bathroom.
- Extra Bills
If you have already moved into a new Fort Wayne home you will want to continue paying your utilities at the house you are selling. You do not want buyers to walk into an extremely hot or cold home with no water or electricity. You want them to feel comfortable as they walk throughout the house.
- Taxes
If you are selling your Fort Wayne home for more than you paid for it you might be subject to capital gains taxes. The government looks at how much you sold your house for, in comparison with how much you purchased it for and any improvements that you made to it and taxes you on the difference. There are many rules and exclusions to the tax depending on your situation so it is important to speak with an accountant on this issue.
- Closing Costs
This expense includes all of the fees for things like a title search, survey and appraisal. Closing costs typically range from 2% – 5% of the purchase price and can be paid by the buyer, seller or split between the two.
Don’t let these expenses catch you unprepared when you are selling your Fort Wayne home. Spending a little bit in these areas can go a long way in brining you that offer you desire.