It is not uncommon for Chicago homeowners to relocate after living in their homes for a while. Many of have dollar signs on their minds when they think about how much money they can make from selling their homes. What many of them fail to realize is that they may need to spend money to ensure their properties sell.
Some costs like realtor commissions are necessary if they hire one, but there are other expenses they should learn about.
Staging costs
Property owners are not required to stage their homes, but doing so can help to improve its appeal to buyers and get them off the market faster. According to Realtor.com, staging can give the home some personality so that buyers can visualize themselves living in it. Sellers have the option of staging their homes themselves or hiring professional stagers.
Transfer taxes
Sellers are responsible for paying transfer taxes. Transfer taxes are generally a small percentage of a property’s selling price and may include any applicable homeowners association transfer costs, states NerdWallet.com. Transfer fees may not seem like a huge expense to many sellers, but those costs can add up for properties that are worth $100,000 or more. Also, properties that sell for $250,000 or more may require the sellers to pay a capital gains tax.
Repairs
Many homeowners are aware that they should make repairs to their properties as soon as they are necessary. But sometimes that is not possible, and the repair issues remain. When it comes time to sell their homes, sellers should make take care of all repair issues. If they do not, they may have a hard time selling their properties. They may also receive offers for less than their asking prices. Their homes could end up taking considerably longer to sell. Their properties are not very desirable to potential buyers who are interested in purchasing properties with little to no repair issues.
Selling a home is not an easy task. It is a big responsibility that comes with expenses. Property owners who intend to sell their properties should research their decisions and prepare themselves financially to increase the chances of their homes selling.