Are you thinking of the selling cost when selling your house in Chicago? Before you make a decision, it’s crucial to understand the potential selling cost involved. Many people put their homes on the market without fully grasping the financial implications. There are various fees and expenses that may catch you by surprise if you’re not prepared. In our recent blog post, we will discuss the selling cost you should anticipate when selling a home in Chicago.
Deciding to sell your home is a significant step, and it’s essential to be well-informed about the financial aspects. Listing your property comes with both upfront selling costs upon closing the deal. When determining your house’s price and selecting the right partner for the sale, it’s vital to factor in these financial considerations.
Did you know that, on average, selling a house in the US incurs around $15,200 in expenses? That’s a substantial amount! Keep in mind that this figure varies widely depending on your location and the value of your home. Be sure to take these factors into account as you navigate the process of selling your home in Chicago.
Will Selling Cost You Money in Chicago?
Agent Commissions
Real estate agents usually charge a commission of around 6% of the total selling price when helping you sell your house. You’ll find out the exact percentage the agent takes when you sign the listing agreement. Although you don’t have to pay this fee upfront, it gets subtracted from the money you receive after the sale. It’s important to consider this factor when deciding on the asking price for your home.
Agent Fees
Different agencies may add on extra charges as your property goes on the market. Certain agents may transfer marketing and listing fees directly to you, the client. It’s crucial to be aware of the inclusions and what expenses you’ll be responsible for when everything wraps up. Be sure to clarify these details to avoid surprises later on.
Closing Costs
Closing costs include many items that are paid at the closing table. These include transfer fees, title insurance, fees for title searches, recording fees, transfer taxes, appraisal costs, discount points, credit report fees, and more. Altogether, be ready to set aside about 2% of the final sale price to cover these closing costs. Knowing about these costs is crucial for a hassle-free and well-planned closing process.
Taxes
When you put your house up for sale, you need to handle things like property taxes, utilities, and homeowners insurance until the sale is finalized. These expenses can pile up, possibly reaching into the thousands if the selling process drags on for a few months. The quicker you make the decision to sell, the smoother the process will be, and you won’t have to worry about these ongoing costs for an extended period.
Preparing Your House for The Market
Preparing a house for sale involves investing a significant amount of energy, time, and money. You’ll need to make repairs, give the walls a fresh coat of paint, and clean the carpets. It’s essential to take out personal items and set up the home for potential buyers. Whether you hire a pro or tackle it solo, be prepared to spend on new decor. Additionally, sprucing up the yard is crucial, but thinking about some fresh landscaping can enhance the property’s curb appeal. Adding a touch of greenery or colorful flowers can make a positive impact on potential buyers.
Inspections
While not mandatory, more sellers are getting pre-listing home inspections, costing around $200 and up. This helps tackle issues before the buyer’s inspection, giving you negotiation leverage during the selling process.
Storage and Moving
While moving isn’t officially a selling cost, it’s a significant expense after closing on the house. Whether you hire movers or do it yourself, it can get pricey! Consider your distance, truck needs, and maybe using pizza to thank friends helping out. If you’re living in the house until it sells, factor in storage costs. Packing non-essentials early not only improves the house’s look but also helps on moving day.