Will selling cost you money? Many people list their house, not taking into account what it will actually cost them. There are fees and expenses you should be aware of before you list with an agent. In our latest post, we will let you know what costs to expect when selling a home in Chicago!
Have you decided to sell your house in Chicago? There are many things to consider before you decide how to sell! Keep in mind, listing your house will cost you money both up-front and once the property closes. You must factor this in when pricing your house and deciding who you want to work with.
Studies show that the average amount it takes to sell a house in the US is $15,200! That’s a lot of money! Keep in mind, that number varies widely based on where you live and the price of your home.
Will Selling Cost You Money in Chicago?
Agent Commissions – In most cases the largest expense you will incur when selling your Chicago area house are the commissions you will pay to the real estate agents. In most cases you’ll be responsible for paying the real estate agents at the closing table once your house is officially sold.
Agent Fees – Depending on the agency, there might be additional fees charged throughout the selling process. Some agents will pass on marketing and listing fees directly to their clients. Make sure you know what’s included and what you will have to pay for when all is said and done.
Closing Costs – There are numerous different transaction fees that fall into the closing costs category. As the seller you will be responsible for paying for the owner’s title policy as well as additional miscellaneous title fees for completing the transaction. In IL you will also have to pay transfer taxes to the state, county, and in many cases the local village. In addition, you attorney will charge a fee for their service and you will have to pay the local county recording fees as well.
Taxes – When you list your home for sale, you are responsible for the property taxes, utilities and homeowners insurance up until the day of closing. These amounts can add up to thousands should it take a few months for the property to sell and close. Once you decide to sell, the sooner it happens, the better!
Preparing Your House for The Market – Depending on the overall condition of the house this can easily be the biggest expense you will have to deal with when selling your house. Even if your home is in excellent condition odds are you will need to repaint the interior before you list it for sale. Don’t throw away your list of contractors after you have the property ready for sale as you’ll need to be prepared to tackle a list of repairs your buyer will request after they complete their home inspection.
Inspections – While it certainly isn’t required, more and more sellers are paying to have their home’s inspected before listing them. This will cost approximately $200 and up. By doing an inspection before you list, you will be able to address any issues with the home before thy pop up in your buyer’s inspection. This will also give you negotiating power during the selling process.
Storage and Moving – While moving isn’t technically a selling cost, it is a large expense you will have to make once the house closes (if you haven’t done so already.) Whether you hire movers or do it yourself, moving can get expensive! How far are you going? Will you need a truck? Or pizza to bride your friends? You will also want to consider storage costs if you are living in the home while waiting for it to sell. Packing up unnecessary items ahead of time will make the house look nicer and give you an edge when it’s time to move.