Tuesday, July 18, 2023 / by April Castillo
Costs of Selling a Home
When selling a home, there are various costs to consider. While the specific expenses can vary based on factors such as the property's value and the services you choose, here are some common costs associated with selling a home in Yuma:
It's important to consult with a local real estate agent and other professionals to get a more accurate estimate of the costs involved in selling your specific property in Yuma. They can provide guidance and help you understand the potential expenses and ways to minimize them.
Get a free Home Valuation and find out what buyers will pay for it.
- Agent's Commission: Real estate agent commissions typically range from 5% to 6% of the final sale price. This fee is typically divided between the listing agent (representing the seller) and the buyer's agent.
- Home Repairs and Updates: Depending on the condition of your home, you may need to invest in repairs or updates to make it more attractive to potential buyers. Costs can vary widely based on the extent of the work required.
- Staging and Home Preparation: Many sellers opt to stage their homes to showcase their potential to buyers. This can involve renting furniture and accessories or hiring a professional stager. Costs will depend on the level of staging desired.
- Marketing and Advertising: To reach potential buyers, you may incur expenses for marketing and advertising your property. This can include professional photography, virtual tours, online listings, print materials, and open house events.
- Home Inspection: While not always required, some sellers choose to conduct a pre-listing home inspection to identify any issues that may arise during the buyer's inspection.
- Title and Escrow Fees: Title insurance, which protects against any potential title issues, is typically purchased by the seller. There are also escrow fees associated with the transfer of funds and documentation involved in the closing process.
- Transfer Taxes and Recording Fees: Yuma County imposes a transfer tax on the sale of real property. The rate is $2.10 per $500 of the property's value. Additionally, there are recording fees for recording the deed and other documents related to the sale.
- Legal Fees: Sellers may choose to hire an attorney to review contracts, prepare legal documents, and provide guidance throughout the transaction. Legal fees can vary based on the complexity of the sale and the attorney's rates.
- Home Warranty: Offering a home warranty to the buyer as an incentive can be an additional expense. The cost of a home warranty depends on the coverage and duration selected.
- Moving Costs: Finally, you should consider the costs associated with moving out of the property, including hiring movers, packing supplies, and utility disconnection or transfer fees.
It's important to consult with a local real estate agent and other professionals to get a more accurate estimate of the costs involved in selling your specific property in Yuma. They can provide guidance and help you understand the potential expenses and ways to minimize them.
Get a free Home Valuation and find out what buyers will pay for it.
