A Reality Check On How Much It Really Costs to Sell a House

Virginia Cash Real Estate • August 11, 2023

Show me the money! Admit it, that’s what you’re thinking when you consider selling your house. In fact, chances are good you’ve mentally spent much of the proceeds already—on a new house you’re buying, and maybe even a nice vacation this summer. Slow down there—while selling a home can indeed bring in some sweet profits, not every dollar goes into your pocket. You also have to pay the professionals who help you unload your property.(1) So, keep reading to understand the costs you could incur when selling your house.

Expenses to Expect During a Home Sale

Selling a home could be exciting, especially when you get a better valuation than expected. However, you should not underestimate the costs involved in the process. Instead, you should research so you can have reasonable expectations from start to finish. Some of the costs you can expect include the following.

Uncleared Mortgage Payoff

You should expect to pay off your mortgage when selling a house. Interest charges could cause variations from the previous mortgage payments, so make sure to consult your lender to determine the amount you should pay. Also, penalties are added to the amount due, so some of the proceedings from the sale will sort out the balance.

Inspections and Appraisals

A pre-inspection is a requirement when selling a house with a realtor. It helps you identify problems that you might not be aware of. The pre-inspection costs depend on your property’s size and the extent of the problem. However, you do not have to worry about this if you sell to cash home buyers in Virginia Beach Virginia. Some buyers are investors and do not mind the property’s condition, eliminating inspection costs on your side.

Home Repairs and Improvements

Selling through a real estate agent means presenting your home in the best possible condition to attract qualified buyers. In this case, you’ll incur home inspection costs and then handle the repairs/replacements on the report. You’ll have to enlist professional services that could cost you more and might fail to give the best returns on investment.

In this case, you can choose to sidestep these costs by selling to cash home buyers in Virginia Beach Virginia. They buy your home as is, saving you money and time on repairs and upgrades.

Home Staging and Marketing Costs

The real estate market is pretty competitive, making a home sale a daunting process. You must showcase the property’s key features on different platforms to reach the target audience. That means investing in quality photography and hiring marketers to push your sale. It could take longer to convince buyers to make the purchase, which is an expensive course. Staging a home can also be costly because a real estate agent might recommend a home stager to make your home more appealing.

However, the sell my house fast Virginia Beach approach eliminates the need for marketing your house. You only need to find a reputable cash house-buying company and close the deal within days.

Moving Costs

Many reasons could force you to sell a house. For instance, you might want a bigger home for your growing family, relocate due to a job, divorce, or more. In this case, you can expect to incur moving costs. You need to hire a professional moving company or rent storage units for your valuables. It’s best to have a reasonable budget to facilitate your move before selling your house.

Sell my house fast Virginia Beach VA will be the ideal approach for optimal convenience. Cash buyers give you an offer within 24 hours and facilitate the payment within seven days. You’ll have the money to budget your moving within the shortest time possible. Besides, the buyers allow you to choose the closing dates, meaning you’ll have the time to pack and move at your convenience.

Title Insurance Costs

Some instances will require you to pay for title insurance to protect the buyer in instances of property ownership issues. It’s advisable to hire a reputable title company to run a search and determine if there are any liens so you can settle them before selling the house.

Income Taxes

It’s easy to assume you can evade taxes by selling your house. However, you’ll be subject to federal income taxes if you make profits from the sale.

Real Estate Agent Fees

Selling your house the traditional way means you have to hire a real estate agent. And you should know they are in the job to make money, so you should expect to pay them a specific percentage of the overall amount. It will be best to discuss with your agent about their commissions beforehand to avoid surprises after selling your house.

Also, you can sell my house fast in Virginia Beach Virginia to avoid paying agent fees and commissions. Cash buyers buy the house directly from you, meaning all the money goes into your account.

Closing Costs

Real estate agents often split the closing costs between the seller and the buyer. This aspect drains the amount you get from the proceedings and could be inconvenient, mainly when selling, due to financial challenges.

The Bottom Line

There are multiple ways to sell a house, and each approach has its perks and cons. The costs and time involved in selling a house will help you choose a method that best suits your needs. In this case, selling through a realtor might cost you more in terms of repairs, staging, marketing, and closing costs. Besides, it could take longer before you find a qualified buyer.

However, you can close the sale within seven days by selling to cash home buyers in Virginia Beach Virginia. They pay for your house in cash without expecting any repairs or upgrades. This gives you confidence that the sale will go through and that nothing will cause delays between the offer and closing dates. You also sidestep appraisals that often cost more money and take up to ten days. Besides, there are no hold-ups at the banks because the cash buyer has the money available to close the transaction. That means expediting the process and having a hassle-free experience.