You’ve made the choice to sell your house without a realtor, and you’re aware that there will be some expenses involved. Now, you’re thinking ahead and asking, “What should I budget for if I sell my house on my own in Aurora?”
Prepare yourself for a few eye-openers.
Sure, home values are going up in many places across the country, and your property might have gained substantial value over the years. But, before you start tallying your gains, take a moment to consider both the evident and not-so-obvious expenses that come with selling your house.
What Should I Budget for If I Sell My House on My Own in Aurora
Commission Fees
Let’s tackle this right away. Many sellers believe that in a booming market, they can sell their house independently and sidestep the usual commission charges. However, that’s not the case. Even if you manage to sell your home on your own, you’ll still be on the hook for covering the brokerage fees of the buyer’s agent. It’s important to be aware of this aspect before diving into the home-selling process.
Repairs
Many potential buyers shy away from homes with problems, and let’s face it, most houses do have their share of issues. Usually, sellers find themselves rolling up their sleeves for some fixes before listing their property. If maintenance has been neglected, these repair expenses can really add up. Take a new roof, for instance, it could easily dent your wallet by a hefty $20,000. So, it’s wise for sellers to tackle repairs early to make their homes more appealing and avoid hefty costs down the road.
Landscaping
A house’s curb appeal plays a crucial role in attracting potential buyers. It’s the factor that makes them pause, take notice, and ultimately step inside. Enhancing this appeal is primarily achieved through landscaping, which tops the list of effective improvements. When you invest in a comprehensive landscaping job carried out by skilled professionals, the average cost hovers slightly above $3,000. This expenditure not only boosts the visual appeal but also increases the chances of making a positive first impression on potential buyers.
Staging and Photography
Unfortunately, many tend to overlook a crucial expense. If you want to avoid your home lingering on the market for ages, don’t forget about the importance of staging and professional photography. These can make a real difference in attracting potential buyers and selling your house faster. So, when planning your budget, be sure to include these elements for a smoother and quicker sale.
Utilities
When you’re gearing up to move out of your current digs and into a fresh home, don’t just flip the switch on utilities in the place you’re leaving and looking to sell. Prospective buyers won’t appreciate wandering through a chilly (or scorching) and dimly lit residence. Plus, turning off the power and air conditioning in the summer could lead to a mold mess. To play it safe, you’ll want to keep the electricity running and probably the gas too during the colder months. If it’s a home you’ve been calling yours, you’re likely familiar with the costs involved in keeping the lights on.
Capital Gains Taxes
Now, let’s talk about capital gains taxes – those pesky levies that come into play when your home’s value has gone up. If your property has seen a significant increase in worth, you might find yourself owing this tax. It’s calculated by looking at the difference between what you bought it for and what you sold it for, after subtracting the documented improvement costs. The good news is, there are some nice exemptions available, but it’s important to remember that Uncle Sam might want a share of the pie.
So if you’re wondering, “What should I budget for if I sell my house on my own in Aurora?” Well, the answer is, you should be ready for a considerable amount. There are various costs involved, such as advertising, legal fees, and home repairs. So, when you decide to take on the task of selling your house solo, it’s essential to be aware that it involves quite a substantial financial commitment.