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HomeBlogCan You Afford to Sell Your House: Looking at Closing Costs

Can You Afford to Sell Your House: Looking at Closing Costs

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When it comes to the real estate market, nothing ever stays the same. The market is constantly changing and it can be difficult to predict if the market is going to benefit you when you need it to. 

The best way to estimate how the market will affect the sale of your house is to hire a real estate agent. They are aware of the market at any given time and they can assist you with this. Let’s go over some ways that you can analyze if selling your home is worth it right now. 

What Are Closing Costs

Closing costs are basically the general fees you will pay for selling your home. When there’s an exchange of property you can be sure there are plenty of professionals required in the process. There are appraisers, inspectors, and other contractors to assist you along with your selling or purchasing ventures. You could estimate your closing costs by using a seller closing cost calculator.

The best way to save money in these areas is when you need less of them. It’s advisable to hang onto your real estate agent for your first purchase or sale. Otherwise, you could work without one and save approximately 5-6% of your total sale on an agent. However, working with a well-qualified, knowledgeable, and recommended real estate agent will also guarantee they will be working on your behalf to save the most money.

Closing costs also consist of escrow fees, attorney fees, and taxes. There are other ways to save on your sale. You can potentially look at cutting costs by selling some of your items before the move. Additionally, you can save on moving costs as well by hiring friends as opposed to hiring a company.

How They Factor

Closing costs are an integral part of selling a home and you will have to pay a certain amount no matter what. The best way to save on closing costs is to make sure you get the absolute best value for your home. There are a few dos and don’ts when it comes to selling.

You do want to make sure you get your house appraised and inspected. You can usually hire a general contractor for this and they can assess your home to make sure everything is up to code. Codes change a lot and they will be knowledgeable of what to look for. Depending on how well that goes, your costs will go from there. 

If there isn’t a lot that needs to be adjusted, updated, or repaired, then you are looking pretty good so far. If there are necessities that need to be completed, you will have to start looking at those costs. It’s not advisable however to worry so much about cosmetic costs. This is especially so if you have more issues in more important areas such as plumbing, electricity, or HVAC.

It’s Never Going to Be Free

The cold hard truth is that you are never going to be able to avoid fees. As stated above, the best way to save is to make sure that you hire a professional who can work on your behalf to save you the most money. Real estate agents very rarely push sales to fill their pockets. They work for the purchaser or buyer so they are looking to help not harm.

Agents can help you to better understand how the market works as well. While working with your first agent, pay close attention to what they do. You could become a real estate agent or possibly do your next sale or purchase without an agent. There is usually a lot of negotiation that can be done with home sales as well.

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Don’t be afraid to speak up and tell your agent exactly what you are comfortable or not comfortable with. If you want them to keep you in a certain price range, they will work their tails off to help you stay there. Everyone should be able to afford to sell their homes and shouldn’t have to worry about losing money.

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