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HOW MUCH WILL IT COST TO SELL MY HOME IN RICHMOND VA?

Real Estate Agent with Keller Williams Richmond West

April 19, 2016 02:16 AM

selling Selling a home can cost more than you expect. Of course you plan for the sales commissions and closing costs, but that could just be just the beginning. Unexpected costs can happen at all stages of the process, and planning for these “unexpected” costs can help you mitigate the effect these can have on your profits. You might even be able to avoid some of the costs of selling by preparing in advance.

Pre-listing Expenses

Before placing your home on the market, you will need to prepare for the sale. A little time and investment in the beginning can save you thousands of dollars later. A properly staged home which shows well will claim not only a higher sales price but also reduce requests for repairs in escrow.

Paint
A fresh coat of paint inside and/or out is an inexpensive way to create curb appeal. Clean walls and designer colors show well in person and in photographs. A neutral palate can offer buyers a nice backdrop for their own furnishings and gives a modern, new appearance.
Cleaning
It’s time for a deep cleaning inside and out. Hire a carpet, and possibly upholstery cleaning company to make everything fresh. Eliminate household and pet odors in carpets and fabric. Wash windows, clean appliances, scrub bathrooms. A sparkling fresh clean home is a showing must.
Repairs
Review your home with a critical eye.Make any repairs you notice in advance. Fix loose cabinets, leaky faucets, broken tiles or broken windows. Your home should look move-in ready and not a fixer. While both fixer homes and turn-key homes will sell, the difference in sales price can be thousands of dollars and a few hundred spent on a handyman could make a huge difference.
Staging
In some communities and price ranges, staging is a must. Even if you are not in a market which demands a professional staging, you still need to make sure your home is in show-ready condition. This might include new plants and other yard work. It could also involve removing some of your furniture and general declutter. If you don’t plan to donate this furniture, then you will have storage fees while the home is listed.
Additional Decorating
As part of staging your home for sale, you might need to bring in decorative/lifestyle items. For instance if you have a nice front porch, you might want to highlight this with new outdoor furniture. Flowers, pillows, candles, doormat, bedding, and towels….all these items can create a cohesive overall look for your home. Your home will look larger if rooms blend together for a nice flow. One of the easiest ways to achieve this is by using similar colors and décor throughout the home.
Landscaping
As mentioned above, curb appeal includes fresh flowers in the yard. But you might have a more extensive landscaping project to complete before listing your home for sale. If portions of your yard need major work, now is the time to get it done. Repair and replace missing fence or hardscape and make sure the yard is healthy and growing.
Pre-listing Inspections and Repairs
Most real estate agents now recommend that sellers have a pre-listing home inspection for repairs and termites. Knowing up front what problems might be present allows for positioning with buyers. Repairing termite damage up front and perhaps other repairs allows the sellers to truly sell the home “as-is.” While buyers will most likely still have their own inspections, you are able to offer the buyers the inspections and proof of repairs and assure them that you are caring for the home.
Double Home Expense
If you plan to move before you sell the home, then you need to plan for several months, or more, of double household expenses. You will have double utilities, mortgage, insurance, taxes and HOA fees for as long as it takes to close escrow.

Closing Expenses sold

Once you find a buyer and enter the sales transaction process, you will still have fees to close. While these fees will come from the proceeds of your sale, you should still be prepared for the costs/fees so there are no surprises.

Real Estate Commissions
Real Estate Commissions are negotiable. The seller pays the entire sales commission and then their agent will offer a portion to the buyer’s agent.
Closing Costs and Credits To Buyer
Again all these costs are negotiated at the time of the offer. Your agent can guide you as to what is customary in your market for the division of costs. It will include items like escrow, title insurance, title transfer fees, homeowner’s association documents and transfer fees, city and county transfer fees and more. You might have also negotiated a credit to the buyer to help with their closing costs and this must be taken off your bottom line as well.
Home Warranty
It’s customary for a seller to provide the buyer with a one year home warranty. Depending on coverage, this can be up to $650 for coverage for the home, air conditioning and possibly pool/spa.
Capital Gains Tax
A home sales can trigger an income tax event. Check with your tax professional to determine if you will have any capital gains tax due upon the close.
Moving Costs
You will be moving so there are moving costs. You might also have storage fees either for excess furniture during the sales process of while waiting for your new home. If you are planning to buy a home after you sell your current home, then you need to plan for temporary living expenses as well.
Replacement Home Purchase Costs
Once you close on your current home, you need to buy a replacement. Closing costs on the buyer’s side then comes into play. You have the down payment for the new home, escrow and lender fees, appraisal and inspection fees, transfer fees and other negotiated costs.

Selling your home can be an expensive proposition. Often sellers think they can deduct the amount they owe on their mortgage from the expected sales price and that’s their profit. As you can see, this could be reduced by thousands of dollars in fees and costs. Planning for these expenses not only avoids the surprise but can actually reduce the costs by preventing them in the first place.

When you hire an agent like those of us at The Murray Morris Group we fully prepare you at the very beginning for what to expect when you get ready to close on the sale of your home. We will help you make the best decisions to keep costs as low as possible.

The Murray Morris Group specializes in catering to the needs of each and every one of our clients. You can read their testimonials here. Put your trust and valuable time in the hands of industry experts! Your results will always be the best they can be! Give us a call today! We’ll work diligently on your behalf by putting your needs at the forefront of every transaction.