Are you preparing to sell your house? Well, hold on a second before counting all that money to intend to make from the sale. It may in fact cost you much more to sell your house than you realize, and that means less profit than you were counting on. It doesn’t always cost a lot to sell a home, but you do need to be aware of the potential “hidden” cost you may be facing. Here, then, are some unexpected expenses to prepare for when selling your house in New Jersey.
Yes, you heard right: utilities. If you move out before selling your house in New Jersey, you’ll most likely have to keep the utilities on. If you don’t, your home may suffer damage, and potential buyers may be turned off.
“It’s a good idea to keep the utilities running until the very last day before closing on the sale. Not only will it help your real estate broker to demonstrate that the home is fully operational, but it can also help you prevent other issues. For example, keeping some lights and A/C on during the summer or highly humid days can help your home stay mold-free. Molds thrive when the humidity levels exceed 70 percent.” And you certainly need to keep the heat on in the winter to avoid frozen and burst water lines.
You also need to keep the utilities on for buyers’ comfort when they come to view your home. A comfortable house will make them more inclined to stay longer and see all your home’s features. And be sure to the utilities on even when you have accepted an offer, right up through the final walk-through.
Multiple surveys have found that staged homes sell faster and for more than homes that aren’t staged. So if you want to get the best price possible when selling your house, you should spring for professional staging.
Basically, staging “involves de-cluttering a room, painting (if necessary), supplying attractive furniture and draperies, and designing the space to look beautiful but also somewhat generic, so prospective buyers can imagine their taste (not yours) on display. Many professional home stagers are also interior decorators who offer staging as one of their services. . . . While costs run between $250 and $600 per room, per month, a staged house sells 88 percent faster than a non-staged house, for an average of 20 percent more.”
But paying for physical staging may not be your only expense in this area for selling your house. There’s also digital staging to consider, which has become almost a necessity today if you want your online listing to get buyer attention. “To maximize the exposure of your property to potential buyers, you need not only to stage your home, but make great photos and descriptions available online.”
And, of course, you’ll almost certainly have to make some repairs before selling your house. Even if a buyer doesn’t request some repairs (though she often will), you’ll still probably have to do some. Here’s why . . .
“A bank won’t grant a buyer a loan if it doesn’t think the investment is sound, so as a prerequisite to underwriting a mortgage, lenders require thorough inspections of a property.” Because most homes have a least a few issues, the inspection usually discovers repairs that need to be made. And then for the buyer to get financing and for the sale to go through, you’ll have to make those repairs. But you may not have to foot the entire repair bill. “Real estate sales contracts often address this issue by having the buyer and seller split the cost of repairs up to a predetermined amount, such as $1,500.”
Another of the unexpected expenses to prepare for when selling your house in New Jersey (though an indirect one) involves seller concessions. Concessions are those things you agree to do or pay for that sweeten the deal for the buyer and keep the transaction moving along.
“A lot of negotiating goes on in real estate deals, and buyers often make conditional requests to be included in the purchase price. A potential buyer may ask that you pay a share of their portion of the closing costs, leave certain household appliances, or throw in your great aunt Martha’s baby grand piano as part of the deal.”
Just be sure to consult a New Jersey agent before agreeing to any concessions – you don’t want to give up more than you need to. To discover more about this just call (855) 932-8987.
Credits to Buyer
Buyer credits are an indirect and unexpected expense you may encounter in selling your house. Typically, these credits are given in lieu of the seller’s making certain repairs.
“In the event that you are against dealing with repairs or renovations, you could extend to a buyer a seller credit to make up for the costs of fixing up the property. . . . Cash-strapped buyers may [even] request seller credits to cover additional expenses, such as closing costs, or escrow fees.”
This can be a tricky and potentially costly situation for sellers. So be sure to consult a New Jersey agent at (855) 932-8987 before committing to any credits.
And, of course, you’ll encounter moving costs. Don’t make the mistake many sellers do by failing to factor in this cost of selling your house.
Even if you do everything yourself, there are still costs. You’ll have time and labor invested, as well as the costs of your fuel/
The New Jersey Agent Advantage
Many sellers are more than a little surprised to learn of the potential size of all these unexpected expenses. The trick is to keep them as low as possible, and an experienced local agent can help you do just that. So when you’re planning on selling your house in New Jersey and want to hold the expenses to a minimum, be sure to contact us today at (855) 932-8987.