You’ve decided to sell your house and you realize there will be some costs involved. So, you’re now wisely asking: “What should I budget for if I sell my house on my own in Arizona?”
The answer may surprise you.
Home prices are truly rising in quite a few markets nationwide. Also, it may be the case as your home has considerably appreciated over the years. Before you count your profits, you’ll need to factor in the obvious and not-so-obvious costs of selling your house.
What Should I Budget for if I Sell My House on My Own in Arizona
Let’s get it straight, a lot of sellers think that in a hot market they can sell a house on their own and avoid the standard commission fees. But otherwise, the truth is even if you sell your house by yourselves, you still have to pay the buyer’s agent’s brokerage fees.
A house that has problems and have some issues are mostly not interesting to buyers. Mostly, sellers have to do some repairs before putting their house on the market. And if the maintenance has been allowed to lapse, repair costs can be fairly substantial. As an example, a new roof can set you back by as much as $20,000.
Utmost importance is Curb appeal: it’s what gets potential buyers to stop and come in the door. Number one improvement is a landscaping-one improvement that most enhances curb appeal. A thorough cost of a full-blown landscaping job performed by a professionals service runs on average of a little over $3,000.
Staging and Photography
Most people – when asking, “What should I budget for if I sell my house on my own in Arizona?” – often neglect to factor in this expense are staging and professional photography. But if you don’t want your house to sit on the market for months on end, you probably should hire and get their services.
Staging involves setting up and arranging your home so as to look as appealing and inviting as possible. You will likely need some professional photos, ranging in cost from $500 to $1,000 to display the staging in online listings which is where a large percentage of buyers begin their search.
Planning to move out of your current house into a new home, you can’t just shut the utilities off in the home you vacated and sell it. Buyers absolutely do not want to walk through a cold (or sweltering) and dark house. (Also keep in mind that if you turn off the electricity and air conditioning during the summer, you run a high risk of developing a mold problem.) At the least, you will need to keep the electricity on and probably the gas as well in the wintertime. If the house is one you’ve been living in, then you already know what it will cost you to keep the utilities on.
Capital Gains Taxes
If your house has appreciated quite a bit, you may have to pay the capital gains tax (which is based on the difference between purchase and sale prices, less the cost of documented improvements). Moreso, there are some pretty generous exemptions, but just bear in mind that Uncle Sam may take a cut.
So you now know the answer is . . . its actually quite a lot! When you’re wondering, “What should I budget for if I sell my house on my own in Arizona?”