Does it cost money to sell in Miami?
Many people put their house up for sale without taking into account what the actual costs are. There are fees and expenses you should be aware of before you list with an agent.
Avoid Making Rookie Mistakes When Selling A House In Miami.
If you’ve decided to sell your house, there are many things you should consider beforehand. Don’t forget that listing your home on the open market will cost you both upfront and one the property sells.
Studies show on average it costs $15,200 to sell a house in the US! There is variation depending on where you live, but that’s still a lot of cash to part with.
So, what are the costs to sell in Miami?
Commissions run at about 6% of the final sale price. But you don’t pay this upfront. Rather, it’s deducted from the amount you walk away with. You’ll find out exactly what the agent’s cut will be when you sign the listing agreement.
Depending on the agency, there could be additional fees (on top of the commission) charged throughout the selling process. Some agents will make their clients responsible for marketing and listing fees. Before going ahead, make sure you know what costs you’ll have to cover.
Closing costs cover a number of expenses that are paid at the closing table. For instance, transfer fees, title insurance, title search fees, recording fees, transfer taxes, appraisal costs, discount points, credit report fees, and more. A good rule of thumb is to expect to pay roughly 2% of the final sale price in closing costs.
Taxes, Insurrance, Utilities
These costs are typically overlooked by sellers. Most forget that while their property sits on the market, they are responsible for any taxes on the property, insurance costs and utility bills up until closing. Plus, these costs can add up well into the thousands. That’s why once you decide to sell, the sooner it happens, the better.
Preparing Your House for The Market
Selling takes a lot of time, energy and money. There are repairs to make, walls to paint and carpets to clean. Not to mention it’s highly recommended that you box up and remove personal belongings off the walls, shelves and counter tops.
Whether you work with a professional or do it on your own, chances are you’ll need to spend money on a few new decorative pieces for the house. Plus, you can’t forget the exterior. Make sure you clean up the yard, clear away any garden tools and rubbish. You might also want to consider doing a bit of landscaping to enhance your property’s curb appeal as well.
While it certainly isn’t required, the number of sellers who are paying to have their home’s inspected before listing is on the rise. This costs approximately $200 or more. But doing an inspection before you list will give you an opportunity to address any issues that may have popped up during the buyer’s inspection. You’ll also have more negotiation 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 cover once you secure the deal. Whether you do it yourself or hire a moving company, the costs can surely add up! How far are you going? Will you need a truck? What will the fuel costs be?
There’s plenty of additional costs that end up overlooked until the last might. Plus, you might want to consider renting a storage unit so you can box up and store all the bits and pieces you don’t need while you’re waiting to sell. Packing up any unnecessary items ahead of time will not only make the house look more appealing but it will give you an edge when it’s time to move.