When home sellers want to sell a home, many hope for a profit. However, no matter how you conduct the sale, there will be expenses as you go through the process. People expect some expenses when it comes to closing a home such as the real estate commission fee or the insurance and escrow fees, but what about the upfront fees that are needed before the sale happens?
Before we list the most common expenses before a sale, it is important to state that you should keep all the receipts before and during the home sale process. If you end up at owing capital gains tax on the property, then these receipts can help you lower the amount that you would owe the IRS.
Inspection Reports and Repairs
Most states do not require a home inspection report and it is something that many buyers will choose to do themselves. But if you have your home inspected before the buyer does it will help to show them what repairs need to be made and it will help you from being blindsided by a buyer with their own inspection report asking you to lower the price because of certain repairs that need to be made. You will have a home inspector take a look at your house and tell you what repairs need to be made in order to sell the house so you can start fixing them before you actually list your home.
Some inspectors can also recommend contract firms who can help you fix larger repairs. No matter whether you use a contractor or not, it will cost money in order to get the repairs fixed. Something as simple as a leaky faucet may not take much, but older houses that may have termite issues have repair costs that are a lot more. The cost of these repairs is highly variable depending upon the types of repairs listed, but in general, a home inspection costs about 200 dollars.
Depending upon the state of your home, you may want to hire professional cleaners to spruce up your property. If the carpet is dirty, a professional steaming is a lot less expensive than having the carpets replaced. You may need to have a professional spiff up your wooden floors, or hire a landscaping agency to trim your outdoor hedges. Depending upon how cluttered your home is, you may want to rent a storage unit for a time in order to move less used furniture and knick knacks in an effort to show off your home’s square footage. There are also expenses for driveway cleaning, window washing, and pest control.