Transcribed from the Michal Sluka / Michael Huber YouTube Video – see below for written, condensed version.
1) Real Estate Fees – a percentage of the sale cost or a flat fee depending on who you hire. Hint…hire Michal.
2) Staging costs – if you hire a staging professional or interior designer to come in and improve the home’s visual appeal using interior design principles or feng shui.
3) Renovations – Often sellers invest some money in renovations before putting their home on the market. Do some research and spend your money strategically. Not all renovations provide the expected return. Smart renovations? – paint, update the front door, remodel the bathroom, de-clutter the home totally, make some energy efficiency improvements, flooring, certain basement fixes to improve usability.
4) Cleaning Services – an inexpensive way to really make your house stand above the crowd
5) Simple landscaping – investing a little money in your home’s surroundings can help improve your curb appeal and make those driving by slow down for a better look
6) Mortgage Pre-payment penalty – if you are breaking the mortgage before the term is up you will likely be faced with paying a penalty. Talk to your mortgage broker to find out what this cost is going to be.
7) Legal costs – You’ll need to hire a lawyer or notary to carry out the final paperwork, transferring the money to seller and title to the buyer
8) Storage Costs – you may have a period of time between the sale of your current home and the possession of your new home. Also you may just want to keep some of your possessions aside while you are settling in to see what best fits in your new place. A good way to avoid this is to Marie Kondo your place, de-clutter, donate or sell anything you don’t need (or haven’t touched in a decade)
9) For sale by owner – if you are planning to sell on your own you will need funds to post your property on sales websites, radio, print and newspaper marketing.
10) Moving costs – whether you choose to hire movers or do it yourself, you’ll need some funds to cover these expenses.
One of my hobbies is blogging about mortgages, debt and government policy. During the day I’m a MORTGAGE BROKER!
Check out the Huber Mortgage Home Buyers Guide HERE