If you’re thinking of selling your own home without the help of an agent, then you are probably doing your up-front research and thinking about what expenses you might incur. That’s smart. In this blog post we’ll review the costs of selling your house yourself in Long Island so you know before you start.
Selling a house. If you sell through an agent, you’ll incur costs such as commissions and fees, on top of all the regular costs, which is why some people choose not to sell their house through an agent but instead sell it themselves.
If that’s the case, it’s good to know what you will incur in terms of costs of selling your house yourself in Long Island. This list will help you…
Costs of selling your house yourself in Long Island
#1. Repairs And Upgrades
Often, the biggest costs associated with selling your house is the one you didn’t realize you’d have to pay – repairs and upgrades! You see, many homeowners want to sell their house as-is.
But many buyers don’t want to buy as is!
So, sellers are forced to put a lot of time and money into repairing and upgrading their house just so a buyer will even consider buying it! It’s a home you want to sell, and you don’t want to spend a lot of money on it, and yet many sellers are forced to spend tens of thousands and weeks or months of time on repairs.
Another cost you’ll incur is a marketing cost. This is a cost that most agents will cover themselves (and you’ll pay for it through their commissions). But without the help of an agent, you’ll have to pay for marketing costs yourself.
There might not be a lot of costs, or these costs could be very high; it depends on how popular your house is to sell. You need to get the word out there so you might be paying to do so.
#3. Normal Municipal/Legal Fees
Agents charge a commission and fees for their services. And if you don’t sell with the help of an agent then you won’t pay those.
However, there are other fees that aren’t associated with the agent that you may have to pay – such as attorney fees, titles fees, closing fees, etc. (It depends on where you’re selling in New York.
These fees aren’t usually very expensive but you should be aware of them so you can budget for them and they don’t surprise you.
One of the biggest costs of selling your house yourself in Long Island is not financial – it’s time. If you’re selling your house yourself, you’ll need to make your repairs, market the house, show the house, negotiate with buyers, and complete the paperwork.
All of that takes time. And all that time could have a financial cost if you have to take time off of work, for example. So make sure you factor it into your consideration.
Selling your house yourself lets you save money on commissions and fees while remaining in control of the process. However, there are still costs so make sure you’re aware of them.