Cost To Consider When Selling A Home

Dated: May 23 2021

Views: 150

Costs to Consider

"What will I make at closing?"

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Closing Costs

1%-2% of the Sales Price. These costs are split between buyer and seller. If agents are involved, another 6-7% comes out of the Sellers Proceeds.

Transfer Tax

Also called a "conveyance fee", which is $4 per $1,000 in most counties, including Cuyahoga County.

Utilities

You will need to continue paying for electric, gas, and water through closing. $200 is usually held from proceeds to pay off final bills.

Marketing

What it costs to advertise your home and sell it. You can pay an agent 6-7% or you can use our selling services for only 1%!

Home Warranty

Most home warranties cost $300-$500, and last for a year after the closing date. It is customary to provide the new owners of your home with this warranty that covers most of your home appliances.

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“What will I make at closing?”

It’s extremely important to have an idea of what costs you will incur when selling your home. The sales price, unfortunately, isn’t the number that will be hitting your bank account at closing. Take a look at some of the  costs you can expect when selling your home.

Click here to use our savings calculator!

 

Closing Costs

Closings costs are the fees incurred when you purchase, sell, or refinance real estate. These fees are collected at the time of closing through an escrow agent. They include fees from the title company and the mortgage lender. This is typically 1-2% of the sales price but can be another 6-7% when using a full service real estate agent.

Transfer Tax

Also called a “conveyance fee”, which is $4 per $1,000 in most counties, including Cuyahoga County.

Utilities

Even when you have moved out of your home, the utitlies that have been left on until closing need to be paid for. The title company will withhold $200-$300 from your  proceeds to pay off these final bills. Whatever is left over will be given to you.

Home Warranty

Most home warranties cost $300-$500 and last for a year after the closing date. It is recommended (but not mandatory) to provide the new owners of your home with this warranty. This covers most of your home appliances like your refrigerator, stove, oven, dishwasher, washer and dryer.

Click here for home warranty companies near you

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Tyler Finkler

Every home (and owner) is unique in its own way, but selling a home isn't rocket science! We live in a world where you can access ANYTHING at the tip of your fingers.. even homes for sale. When wo....

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