Cost of Selling a Home - Long Island Real Estate Luxury Homes Huntington Centerport Northport Kings Park Smithtown Selling Buying

Real Estate on Long Island, Buying and Selling Long Island Real Estate..

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Understand the Real Costs of Selling Your Home!

The costs associated with selling a home can add up quickly. Before you sell, do the math: Add your projected selling expenses to your moving costs. Then compare the total to the expected sale price of your home. Use this table to anticipate the costs of selling:

Item	Estimated Cost	Tips
Sales commission (if you list with an agent)	4 to 6 percent of your sales price	In slow markets, some agents may accept less of a commission in order to complete a sale, but be sure to discuss this before hand. Also, consider the work that the agent did to sell your home. Did they do what they promised?
Closing costs (includes transfer taxes, prorated property taxes, and legal fees)	2 to 4 percent of your sales price	In some states you prepay property taxes, which means you may get a credit at closing instead of a bill. You may also get a refund of advance escrow payments you've made on your homeowner's insurance. Check with your lender.
Mortgage payoff	The difference between your outstanding principal balance and what payments you will make before your sale date.	If your loan has a prepayment penalty, add that to your principal balance. Ask your lender to confirm your calculations. Some lenders charge a nominal fee for preparing a payoff statement.
Pre-sale repairs	Varies. Older properties require more repairs than new ones, for example, and a well-maintained home may require none at all.	If your home is old or you haven't maintained it regularly, get a pre-sale inspection to identify defects that could scotch a sale.
Pre-sale cosmetic fixes	Varies from as little as $50 (three cans of $8 paint and $25 worth of screws, outlet covers, household oil, new furnace filter, cleaning solutions, for example) on upward.	Focus on fixes that will enhance your home's salability, such as new paint and floor coverings. And read our article about "Staging", (Designer Tips section) which is a key part of marketing your home!
Moving bill	May range from $1,500 to move your home's contents across town to $12,000 or more to move across the country. Cost depends on the size of your home, distance moved, and storage costs (if any).	When planning your move, consult your tax advisor about deducting all or part of your moving expenses.
Other relocation costs	Includes the cost of new appliances, furniture, utility deposits, and the like.	Make a budget before you move. Compare differences in the cost of living if you are moving from one city to another. There are numerous comparison indexes available online or through your local library.

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