Know the Hidden Costs of Selling Your North Shore Home

By
Real Estate Agent with Baird & Warner Real Estate
https://activerain.com/droplet/57cs

You're planning to move so you make a budget.  There are some obvious costs ahead of you including movers, the real estate agent's fee, the loan (of course!), and house cleaners. Maybe you  need some new furniture or want to refinish the floors and paint the new house. That's about it right?HIdden Costs of Selling your Home

Before you start planning a trip to Italy with your house sale profits, be prepared to fork over some "hidden" fees.  While some are small, they do add up.

 

Preparing Your Home for Sale

Staging your home can be as simple as moving furniture around and packing away display items. Or it could be stripping wallpaper, repainting, pulling up stained rugs, repairing or replacing broken items, and working with a professional stager to get it all done.  In my opinion, home staging is not an option and your competition in Winnetka, Wilmette, or Kenilworth will be doing it.(From several hundred to several thousand $$)

Inspection Repairs

Most home inspections uncover a myriad of issues - most inconsequential, but some are serious and might need to be addressed.  Major problems generally deal with the roof, plumbing, HVAC, mold, asbestos, and water issues.  Every real estate deal is unique and what the buyer asks for is dependent on their level of comfort with the home, how much they paid, the value they see in their purchase price.  Sellers are under no obligation to pay for repairs and they can elect to not negotiate repairs all the way to paying substantial monies for previously unknown defects.

Attorney Fees

There is no rule that you need to hire an attorney - but it is common practice on the North Shore and the other party to the contract will probably have one.  ($450-$700.)

Insurance

If you're lucky, you will move out on the same day as you move in.  But if you move before you sell, you will need to keep your insurance in effect and it might cost more for an unoccupied residence.

Utilities

Again, if you move out before you sell, it's prudent to keep utilities on for showings.  Not a huge expense but something to consider.

Transfer Taxes

These are taxes levied by the state, county and town when title transfers.  Wilmette, IL has a buyer fee which is not included here.

  • Illinois levies a seller transfer tax of $1.00 per $1000 of sales price.
  • Cook County levies a seller tax of $.50 per $500 of sales price
  • Evanston levies a seller tax of $5.00 per $1000 of sales price
  • Highland Park levies a seller tax of $5.00 per $1000 of sales price

Property Taxes

Cook County taxes are paid in arrears - this year's bill is for last year (in two installments.)  At closing, you will pay upfront for this year since  you won't be in the house when the bill is due.  Your real estate attorney will help you with this number, but it's substantial so be prepared. 

Title Insurance

This is a seller fee for title insurance protection that guarantees that a buyer has clear title to purchase the property. (Charges, based on a $800,000 Winnetka home, vary from $2500-$4000.)

Interest

At closing, you will owe the bank interest on your outstanding loan balance from the time your last payment was made.  

Survey

As the seller, you will need to provide an updated survey at closing - must have been done within 6 months of closing.  ($600)

Closing Costs

Many of the closing costs have already been discussed above, however, there will still be small fees for wire transfers, delivery service fees, processing fees, recording fees, etc.

 

Knowing upfront what all your seller-related fees will be will make your closing go more smoothly and keep your stress levels in check!

 

 

To CONTACT Margaret Goss, please call 847-977-6024 or email:  margaret.goss@bairdwarner.com

Margaret Goss is a full-time real estate agent since 1998 servicing the North Shore communities of Winnetka, Wilmette, Kenilworth, Glencoe, Northfield, Glenview, and Evanston.  See full BIO for Margaret Goss.

Posted by

Margaret Goss - Winnetka and North Shore Real Estate Broker
Specializing in homes for sale in Winnetka, Wilmette, Kenilworth, Northfield, Glencoe, Glenview, Northbrook, and Evanston.

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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Margaret

This is such important information for sellers to be aware of, since I suspect many are not aware of the costs that become part of the sales and closing process. I also share a checklist similar to this and provide an estimate of net proceeds.

Jeff

Sep 27, 2017 02:25 PM #1
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Chicago's North Shore & Winnetka Real Estate
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