While it's true that the housing market has cooled somewhat, there is still time to take advantage of the increased value of your home if you plan to sell. But before you set an asking price, our real estate agents want to help you maximize your profits by considering the hidden costs associated with the sale. Here are a few expenses they consider to be some of the most critical:
- Identify problems that could derail the sale.
A pre-inspection will help you make any necessary repairs before the house is on the market. You can expect to spend a few hundred dollars for a professional inspection, but you won't need to worry about surprises that could delay or prevent closing the sale.
- Make necessary repairs.
Lenders will only approve a loan if the property is a sound investment, which means they expect it to be in good repair. You should make most repairs before you attempt to sell the home. Sometimes the cost can be split between the buyer and seller. They will negotiate a pre-determined amount, and either can back out of the deal if cost estimates exceed that amount.
- Verify property lines.
Newer residential developments generally have definitive property lines, but many North Canton homes for sale are more than 40 years old, and boundaries may be questionable. You may need to pay for the property to be surveyed to assure the lender and buyer that the property lines are accurate. This service can cost anywhere from about $250 to $1,000, depending upon the size and shape of the parcel.
- Consider possible concessions.
Potential buyers frequently request that certain items be included in the sales price. Besides appliances, some Akron homes for sale have furnishings or unique items that the buyer feels add to their love of the house. The buyer may ask that the seller pay a portion of the closing costs. These are all open to negotiation, and it will be your option to agree or not.
- Estimate closing costs.
Several fees will be split between the buyer and seller at closing. These include loan processing fees, title insurance costs, property tax, and recording fees. The seller's portion will be deducted from the proceeds when the sale closes.
- Cost of vacancy
If the house is unoccupied while on the market, you must maintain the property in good order, from mowing the lawn to post-weather cleanup. You may also benefit by purchasing a special insurance policy for a vacant house that will protect you from the cost of any vandalism while the house is empty.
- Pay off the existing mortgage.
Your lender will work with your real estate agent and the closing company to provide an accurate pay-off amount so that when you receive the sale's proceeds, your mortgage balance will already be deducted. Your agent will provide you with an estimate of the total amount you will receive.
As you can see, your real estate agent will play an important role in helping you manage the sale and guiding you through the process. Contact us today to find an experienced professional that you can trust.