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What to Add to Your Budget When Selling Your Home

HomeBusinessWhat to Add to Your Budget When Selling Your Home

It’s strange to think of paying money to sell something, but that is often the case. When you sell your home, there are people and processes that you need to pay for. These help you get the most money for your home but also require a bit of money from you. 

Repair Costs

Every home has a few issues that require repairs. It’s normal for homes to require regular maintenance, and for things to break every once in a while. When this happens in your home, it can be easy to justify postponing repairs until you have more money or until the issue becomes more serious. When you choose to sell your home, however, it’s important that you fix as many of these issues as you can. If your home requires major repairs, you are far more likely to have trouble finding a buyer. Buyers don’t typically want to invest in a home that requires major repairs. When you’re beginning to sell your home, take the time to complete these repairs and get your home in top condition for potential buyers.


Another expense you need to consider when selling your home is your real estate agent’s commission. Your real estate agent has put a lot of time and effort into helping you sell your home, and they should be properly compensated. Real estate commissions are usually about 6% of the sale price. However, many homeowners don’t think of this until it’s too late. When it comes time for their real estate agent to collect a commission, the homeowner falls into financial difficulty. If you need to sell your home for a certain amount to pay off a mortgage or other outstanding payments, set your home’s price for a few thousand more than that. This should help you pay what you need, and give your real estate agent a fair commission as well.

Closing Costs

The final expense that accompanies selling your home is closing costs. When you’ve received an offer on your home, and you’ve chosen to accept the offer, the closing process begins. This allows time for any final negotiations, and for both parties to get things in order. During this time, it’s typical for the seller to pay closing costs, which are processing fees you pay your lender to finalize the sale of your home. The amount you pay varies based on where you live and the price of your home, but it typically ranges from $3,000-$5,000. Having these funds set aside helps you close on the sale more quickly and easily.

When you sell your home, there are a lot of different costs to remember. Having these funds ready can help you sell your home more quickly, and for a higher price. If you’re planning on selling your home, make sure you have room for these costs in your budget.

Check out this article on 11 steps to sell your home fast!

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