Sometimes the costs when selling a house can really add up. Once you factor everything in, a traditional sale with a Long Island real estate agent may not be worth it. In our latest post, you can learn how to sell a house without spending any money in Long Island.
As a homeowner, you have likely considered what selling your house might mean for you. However, many homeowners avoid selling because they are worried about the costs, wasted time, or hurdles they will face when working with an agent. Before we discuss how to sell your house in Long Island without spending any money, lets first take a look at some of the costs home sellers may face when working with a Long Island real estate agent.
Typical Selling Costs
Before a house goes on the Long Island MLS, there will likely be some repairs that will need to be made to the house before selling. Even the cost of small repairs can add up quickly once you break it all down. Repairing walls and fixing leaky pipes can all lead to more repairs and more money out the door. Make repairs wisely and be sure to properly disclose anything you don’t plan to fix. You should also consider repair requests that may be made after the potential buyer has completed their inspection phase. If the house isn’t appraising high enough for the lenders liking, you might need to spend money increasing the value of the home.
Often times, homeowners will make upgrades to their property in order to keep it competitive with other homes on the market. While some upgrades can add value, there aren’t any guarantees. Some upgrades don’t add enough value to the property to be worth it.
Marketing can include many things including professional photography, drone services, premium listing placement, listings outside of what your agent provides, print materials, and much more. While some things are included in a typical listing agreement, others are not. To sell the property as quickly as possible, you may find yourself shelling out a little extra to make sure your property gets seen. Just make sure the things you are spending money on upfront make sense in the long run.
Listing + Agent Fees
While some agents are full service, never charging you a dime aside from commission… others are not. You may find yourself looking at separate fees for administrative costs, marketing expenses, or open house fees. Most agents won’t require to be reimbursed for these things, however, if you are looking for top of the line services, you may find yourself paying a bit extra.
The agent commissions will amount to about 6% of the final sale price on average. This is a hefty amount to part with, so if you decide to list, make sure your agent is worth their fee! In some cases, you will be able to negotiate the commission rate or find an agent who offers limited service for a flat fee.
Closing costs cover things such as a title search, surveys, and loan payoffs. While buyers will pay the majority of the closing costs a seller can expect to pay anywhere from 1-3% of the final sale price in closing costs. When you work with a professional buyer such as CoMax Properties to sell your house, the closing costs can be avoided.
Plain and simple, it costs money to own a house. If the house is on the market for a while, you could be looking at a small fortune spent on things such as utility bills, homeowners insurance, property taxes, maintenance, landscaping, and a mortgage if applicable. When you sell your house quickly, it can equate to thousands in savings for things yu would otherwise be spending money on if your home is sitting on the MLS.
How To Sell It
Selling your house as-is will save you a fortune as long as you are able to get the property in front of the right buyers. Focus on showing the home’s potential, even including a cost analysis showing an estimate of what the improvements will cost. You’ll want to make sure investors and cash buyers
A successful listing will require many of the costs listed above. Save money by choosing a full-service agent so there are no surprises. If you choose to sell without making repairs, consider offering credit for buyers to renovate as they see fit.
Sell To A Professional Buyer
Working with a professional seller such as the team at CoMax Properties will allow you to sell your house quickly and for a great price. We’ll work with you to make the process as simple as possible, making sure you don’t ever have to spend a dime.