When it comes to selling your home, there are many costs that you may be familiar with, such as realtor fees, closing costs, transfer taxes, and repairs. However, there are some additional, unexpected costs that may surprise you when you are ready to list your home. Knowing these costs before you put your house on the market can help you budget (or negotiate) accordingly and ensure a smooth transition process. Here are five costs you may not be aware of when selling your house.
Final Water Bill
First, you should expect to pay a final water bill. Despite having paid your water bill up until the date of closing, you will still be responsible for any water used up until the new owners take over. This may include water used during the showings, if applicable. The amount of the final bill can vary widely, so it’s best to plan for the worst and discuss this issue with the buyers in advance.
Second, you may have to pay for a home warranty. A home warranty is a service contract that covers repairs or replacements of major home appliances such as your air conditioner, refrigerator, and washing machine. The exact cost of the warranty can vary, but it is usually paid for by the seller. This cost can range from several hundred dollars to over a thousand, so it’s important to factor this into your budget when you are selling your home.
Potential Back Taxes
Third, you should be aware of the potential back taxes that may come due at sale. When you sell your home, there can be some unforeseen liabilities that come along with it, such as unpaid taxes. Depending on the local laws and regulations, you may be required to pay back taxes or any other debts that are attached to the house before closing.
Fourth, you may have to pay landscaping costs. When you are selling your home, the front yard is often the first thing potential buyers see. As such, you should prepare your lawn and garden for showings, either on your own or by hiring a professional. The cost of this landscaping maintenance can add up quickly, so be sure to factor this into your budget.
Finally, you should be aware of transfer taxes. In some areas, you may be required to pay a transfer tax when you sell your home. This fee is typically paid either by the seller, the buyer, or split between the two parties. It’s important to be aware of your local laws as well as any transfer taxes that may come due when you are ready to list your home.
When selling a home, it’s important to keep these five costs in mind. Knowing what to expect can help you budget more accurately and reduce the stress of the process. With some careful advance preparation, you can be sure that you are fully prepared for the costs that may arise when you go through with the sale of your property.
When selling your house, these hidden costs can really add up. It is important to be aware of them so that you can factor them into your budgeting and plan accordingly. Knowing what to expect can make your transition much smoother and will ensure that you are not blindsided by unexpected costs.
You could be facing a small fortune in costs that you may not be aware of when selling your house in Miami. Why not avoid the listing costs you’d normally expect to pay by selling to Down South Florida Home Buyers instead? With a direct sale to Down South Florida Home Buyers closings are quick, usually within 30 days or less and you don’t need to worry about repairs. Down South Florida Home Buyers takes on the risks, buying your home as-is. Down South Florida Home Buyers even pays all of the closing costs. Send us a message or call us at (239) 766-6225 today to find out more!