How Much Does It Cost to Sell a House?

Dreams of downsizing your home for a luxury beachfront condo are attainable at any age. The trick is selling the right home in the right market. But have you set enough money aside in your budget to cover selling costs? In some areas, costs are quite high. For instance, if you area selling a house for sale Vancouver, you can pay a small fortune!"

The cost to sell a house varies based on the type of housing market you live in. If you're preparing to sell your home, research the most common expenses to avoid being let down by a smaller than expected profit.

For a list of all the standard costs of selling a home, read on.

Repairs

Preparing your home for sale can take a matter of weeks or months depending on buyer expectations in your market. Some homes only need a freshly cut lawn to attract buyers, while others might attract more scrutiny.

There are ways to get around extensive home repairs, but there's no way to avoid them altogether. The average cost to repair a home before selling is $1,500.

A common way to avoid renovations is to lower your sales price to reflect the need for them. But ignoring some major fixes could complicate the selling process. Here's a list of common repairs that may be mandatory before you can sell your home.

Building Code Violations

There are few ways to get around a house being up to code before selling. But to avoid a messy closing, it's best to take care of the repairs before the buyer puts a house under contract.

Building code violations are sure to come up during a home inspection, which is required by lenders before they will issue a loan. By bringing your home up to code before finding a buyer, you eliminate barriers to the buyer getting financing.

Structural Defects

Structural defects to your home should also be addressed before marketing your home. You can get away with selling the home 'as-is' and not repairing defects, but this could lengthen the sales process.

You're far more familiar with the nature of the structural issues than a buyer or home inspector seeing your home for the first time. Home inspectors tend to be more conservative when hired by the lender.

By leaving structural issues to be examined by an outsider, you run the risk of a higher estimate of the damage than what's present. Take matters into your own hands by issuing the repair yourself and documenting the process.

Safety Issues

Any safety issues are a no-brainer to repair before allowing walkthroughs of your home. Consider the liability of accidents involving the buyer and other third parties while your home is under contract.

Take the time to repair loose steps or bad wiring no matter how small the safety issue seems. Doing so can help you avoid unneeded headaches while marketing and finalizing the sale of your home.

Commissions

One of the biggest costs of selling a home is the commission paid to a realtor. Good realtors earn this money by helping you market your home to a qualified list of potential buyers.

When you find the right realtor, the length of time your home is on the market is shortened greatly. Realtors understand the legal process of selling a home in your local market and can help you manage your expectations of 'days on the market.'

Be sure to vet your realtor thoroughly before signing any exclusive agreements. Standard realtor commissions range from 5 to 6 percent of the sales price.

On a $300,000 home, real estate commissions can range from $15,000 to $18,000. This is a hefty fee for an agent who can't answer questions about your market or who can't present you with qualified buyers within a reasonable selling period.

Here's a list of key questions to ask your realtor before hiring them to sell your home:

• How many homes did you sell last year?

• Are you licensed?

• Have you ever sold a home in this neighborhood?

• Should I expect to pay closing costs?

• What is your sales and marketing plan?

• How long do you estimate the sales process will take?

• Do you have recommendations on staging?

• How often will I receive updates from you?

This is a starting list of questions to help you compare realtors. A realtor who can't answer any of the following questions could leave you doing all the work while still requiring a commission.

Choosing to sell your home on your own is a viable way to avoid this expense. For sale by owner means you list and market the property to potential buyers without the help of a realtor. Researching the housing market yourself and waiting for the right deal can save you tens of thousands of dollars in real estate fees.

Liens

A lien is a creditor's legal right to take a portion of a property to repay a debt. If you have liens on your home, you will have to pay the debt when you sell.

Not all liens require payment in full. Contact the debtor to make payment arrangements or negotiate a settlement amount before placing your home on the market.

Transfer Taxes

Transfer taxes cover the administrative expense of local municipalities on updating a transfer of homeownership.

Not every state requires you to pay transfer taxes when you sell a home. If you live in a state that does require them, consider asking the buyer to cover the cost. Buyers are usually responsible for this tax though sellers often cover it as a purchase incentive.

Closing Costs

Closing costs range between 2 and 4 percent of the sales price.

Closing costs can be paid by the buyer, seller, or both depending on the purchase agreement. In seller's markets, the demand for housing is great which leaves buyers willing to shell out more cash for properties.

In a buyer's market, buyers have far more options causing sellers to compete to attract viable customers. This means the seller almost always covers closing costs.

Reducing the Cost to Sell a House

The idea of missing out on the chance to sell your home can be daunting. But there are ways to reduce the cost to sell a house without losing potential buyers.

Depending on your market, you can offer incentives like leaving behind your flat-screen TV instead of adding fresh paint to the walls. Another negotiation might include purchasing new appliances instead of covering closing costs.

Whether selling your home with a realtor or alone, you set the terms of the agreement. For more real estate tips and tricks, check our blog for updates.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.

Things you might not have known about watches

Whenever you get to a watch store, you might have this impulsive feeling of picking like each and every watch because they just seem irresistible. That is why, it is important to know some things about the watches so that, when you get to the store, you know specifically what you are looking for and why you have chosen it among the rest. 

• Complications: Get to know about the watch’s complications. Complication refers to any function which exists on a watch apart from the time telling. Watches which have various complications are normally the toughest to create due to the fact that, more elements are required to be added to the movement. The most widely used complications include:

  • Date: It is the simplest complication that you will find on any watch. Watches are in a capacity to display the day of the week, date, or even have a triple calendar which will include the month. People often browse Casio G Shock watches available here when they want an accessory that combines functionality with durability. Known for their rugged design and reliability, G Shock watches are ideal for those seeking both style and resilience in daily wear.

  • Chronograph: It is a complication function like a stopwatch where you will be able to measure time intervals without having to affect the main time of the watch. Depending on the type of watch, the chronograph will be able to time hours, minutes and seconds. There are different types of chronographs which include the flyback chronograph which fast resets the function of the timer when need be. There is also the rattrapante chronograph that has an extra hand which superimposes on the chronograph, enabling several events to be timed at the same time. 

  • Power reservoir indicator: It allows you to see how much of the energy is left in the mainspring of the watch before the need for a wound. Each watch has its own amount of reserved energy to deserve a wound. 

  • Moon phase: It is a complication which displays the current phase of the moon and is able to indicate if it is a full, new or quarter moon. There are some watches which beautifully displays the phase of the moon cycle with a nice illustration of the moon as it is able to complete a cycle via its aperture. 

  • World time: It is a complex feature which displays 24 time zones at the same time. Watches which have this particular complication have an inner bezel which is rotating with a display of 24 hours together with an outer bezel that has major cities with their own time zones. Each day, the inner bezel is able to make a complete full revolution. 

• Taking care of a luxury watch: If you decide to purchase a luxury watch, it is important to remember that, they will require proper maintenance and care so that they are able to last for a longer period of time. It doesn’t matter how careful you are with your watch, with time, its components will be able to wear out from the usual wear and tear. It is recommended that, after every 4 to 5 years, you service your watch. 

When the servicing is done professionally, it will be opened and an in-depth inspection will be done. While having this procedure, the gasket will be replaced by the professional, the oil will be changed, the necessary adjustments will be made, and repairs, as well as cleaning of the timepiece, will be done. 

In case the watch you have is quartz, you will need to replace the battery before it dies because a dead battery might leak and damage the watch’s movement. An interesting exception to this rule are some of G-Shock's premium watch models that come with a solar panel & battery built in, and are therefore self-charging.

Apart from having your watch regularly checked and serviced, there are other practices of maintenance which you will need to look out for in order for your watch to function normally and at its best.

• Make sure that you always review your user manual for instructions on how to care for your particular watch

• When wiping your watch’s bracelet and case, try and use a microfiber which is soft in order to prevent dirt from being able to build up.

• Understand the water-resistance of your watch due to the fact that models which are non-resistant have to be kept away from moisture all the time.

• You need to avoid magnets due to the fact that, they are likely going to affect the performance of your watch. You need to remember there are electronics with magnets such as microwaves, TVs and speakers. 

• In case the watch you have is quartz, you will need to replace the battery before it dies because a dead battery might leak and damage the watch’s movement

• When you are not putting on your watch, you will need to store it in a box safely

• You should never try to open the watch on your own. All watches have to be opened by a certified watchmaker. In case you do it yourself, apart from exposing it to harm, due to the fact that, even a small element can ruin a watch.  It could also mean that you are breaking the warranty on the watch.

• That is why, it is important to know some things about the watches so that, when you get to the store, you know specifically what you are looking for and why you have chosen it among the rest. And another quick suggestion - take a look at moonmagic for some unique pieces!

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.