If there’s one thing that everyone hates about selling their home, it’s how much of the profit goes towards closing costs and other expenses. Many people end up spending thousands by the time they finally seal the deal. But is this actually something you can avoid?
While selling a house always come with its fair share of costs, there are definitely ways to minimize what you pay. As with everything else in real estate, planning ahead and doing your research can save you a huge sum. There are two major categories of expenses:
Title transfer fees, the agent’s commission on the sale, capital gains tax, and all the other things you pay at the sale’s conclusion fall under this category. You should also plan for post-sale expenses, like hiring a moving company.
Closing costs depend on the realtor you hire. Many established companies offer discount real estate services in Salt Lake City. If you don’t spend as much on listing and marketing your home, or pay less than the standard 6% commission, it can be a huge benefit.
Painting walls, repairing leaky faucets, and other minor fixes are essential when preparing your home for buyer inspection. Staging can be even more costly, as you will usually want to hire a cleaner and decorator to make the house look great.
When it comes to repairs, you want to focus on small, easy improvements that have a big impact. Larger renovations are often too expensive and difficult to be worth it. Unless your realtor encourages you to, avoid big investments like putting in an entirely new bathroom.
It’s also important to know which fees are negotiable. Homeowners association dues and unpaid property taxes, for instance, is not fit for reduction, but others may be different. A good idea is to consult your accountant, since you might find ways to reduce the overall tax burden.