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Cost of Do-It-Yourself Home Selling

Posted Thursday, July 26, 2012

Planning to sell your home soon? It may be time to face a very difficult decision of whether or not you should hire a real estate agent to help you with the process or simply do it yourself and save money from agent commissions, legal fees and other related costs.

If you are thinking of selling your house, it is paramount to precisely budget and identify the added costs involved in accomplishing a successful sale, particularly if you are using the funds to buy another home or a boat for that dream cruise. If all expenses are not accounted for, you may risk financial stability on the long run. So, how much will it really cost you to sell your home in a classic do-it-yourself fashion?

One major cost factor involved in real estate sale is legal fees. Experts and analysts recommend budgeting at least $500. However, this rate can go up to $1,000 depending on how intricate your terms and conditions are.

Another cost factor for home sales is home staging. Staging a home simply means you will give the property a makeover, so that its value increases and for faster purchase from potential buyers. Total cost for home staging services are $1,000, yet can cost higher depending on how much work needs to be done to restore the property into mint condition. Home staging is not optional and is extremely important if you wish to maximize bids and offers for your home.

Moving costs must also be take into consideration. Reliant upon where you are relocating to and how much items you're carrying with you, you will likely need removal services that can cost hundreds of dollars. This expense can be dodged if you have a truck with relatives or friends who can help you pack up.

Property or land transfer taxes are the last cost factor that should be investigated. If you are purchasing a new home, land transfer taxes can effortlessly be the largest cost from your entire home sales venture. The tax is dependent upon the percent of the purchase value of the property and it depends from one area to another.

Overall, you are looking to pay at least $2,000 for your home to get sold. However, if you sell my house without a real estate agency assisting you, you will definitely be saving a considerable scrap of money. If you sell my home with a real estate agent, you're looking at 4% to 7% commission for the agent. So if you sell my house for $350,000, an automatic $14,000 will be allotted to the agent.