Most Charlotte homeowners who intend to sell their houses are worried about the many expenses that the process entails. Hence, they consider selling their homes an expensive proposition. Due to this, many people sell their homes to cash home buyers in Charlotte, NC, as they see it as a means to escape the hidden costs they may incur if they opt for the traditional route.
Here is a list of the hidden costs involved in selling a home via the traditional method in Charlotte, NC.
Commissions
The first step to selling a house is hiring the right real estate agent, which comes with the expense of the brokerage you will have to pay for their services. The real estate commission in the USA is estimated at 6% of the home’s sale price, which is a hefty sum. This expense is considered one of the highest hidden costs the seller will have to pay.
Home Staging Costs
Another essential expense is the home staging costs. Staging your home is one of the primary processes required to sell a house fast in Charlotte, NC. It is a tedious process that involves a lot of time and money. It requires decluttering the home, for which you need to hire professionals. Moreover, you may have to hire cleaning services and buy some essential furnishings.
Transfer Tax and Property Tax
Many states appropriate a transfer tax, an estimated 1% to 2% of the home value. In addition, there is also the property tax which the homeowner will have to pay. The amount you will have to pay will vary depending on the time/season you put your house for sale and the local and provincial regulations.
Repairs and Renovations
Another undeniable expense is the amount you will have to spend on repairs and renovations. Some repairs and upgrades are cheap, while some require a lot of money. For instance, though termite damage may look superficial, it can be costly depending on the extent of the damage caused. If your house is outdated, you may have to spend a lot of money on upgrades and on replacing older appliances.
Mortgage Discharge Fees
If you still haven’t completed the payment of your mortgage, your creditor will have a hold on your house, which can cause title issues. To prevent this from happening, you will have to pay a mortgage discharge fee to your creditor, who will release the hold on your house upon agreeing to pay the remaining mortgage amount at closing.
Appraisal and Inspection Fees
You will have to evaluate the worth of your house through an appraisal and inspection to arrive at a reasonable asking price. Moreover, it will also help you decide upon the features that require improvements and renovations. For this, you will have to hire appraisers and inspectors.
If you want to escape paying these expenses, you can choose to sell to cash home buyers in Charlotte, NC, for a reasonable price, making the sale all the more profitable.