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Sellers: Don't Let Hidden Costs Take You By Surprise
When you're selling a home, you may face challenges that have a big impact on your finances and profit. To protect your investment, our REALTORS® want to make you aware of some hidden costs that can take you by surprise.
Your home is likely the largest single investment you will make during your lifetime. Before you decide to list your home on the market or invest in a new home, you should be aware of fees and expenses that can reduce your bottom-line profits.
- Closing Costs
Closing Costs involve a variety of fees incurred by buyers and sellers during the sales process. These fees can range from 3 to 7% of the sales price and include the following:-
Loan processing fees
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Title insurance fees
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Mortgage insurance costs
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Pro-rated property taxes
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Property deed recording costs
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Closing costs are often split between the buyer and seller and deducted from the money received at closing when final documents are signed.
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Title Liens
If you're a homeowner, you probably have at least one title lien recorded against your property deed. Liens may include loans owed to banks for a home mortgage, loans owed to banks or other financial institutions for lines of credit, loans owed to private lenders for personal loans, and mechanics liens owed to licensed contractors. It's a good idea to check with your real estate agent or loan officer about title liens on your property. -
Vacant House Costs
If your home is for sale, but you move before you sell it, you will probably encounter some vacant house costs. These are fees charged by a real estate company or a private party to keep your home in tip-top shape and protect it from vandalism and property damages. Vacant house fees usually include electricity and water bills to keep services on and property maintenance bills for yard work and winter snow removal in Suffolk County homes for sale.
If your home doesn't show well empty, you may need to invest in professional home staging services that run between $250 and $600 per room per month, but a staged house sells 88% faster than an empty one. -
Home Inspections
Selling your home will require home inspections to check for various safety problems, including roof and plumbing leaks, faulty wiring, mold, and termites. If you're selling, you can get a pre-inspection so necessary repairs can be done before you list your home. In most areas, professional home inspections range from $250 to $650, but prices vary based on property location and unforeseen damages. -
Repairs and Upgrades
Banks and mortgage lenders will not approve home loans for buyers unless the investment is sound. When repairs and upgrades are needed based on home inspections, real estate contracts often split the costs between the buyer and the seller up to a predetermined amount. If repair costs are higher, the buyer and seller can renegotiate, one party can pay the total cost, or either party can back out of the real estate deal.
Interested in Nassau County homes for sale? Contact us for information on available properties and prices.
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