How Much Does It Cost to Sell My House in Cleveland, Ohio?
The goal of nearly every home seller is to make a profit on the sale of their house. What most homeowners do not realize, however, is all of the costs associated with selling a property today. These costs range from marketing and realtor commissions to repairs, closing costs, and processing fees. Once you add up the expenses, you may make little to no profit on the deal.
With all the costs eating into your profit, you may be wondering, “Is there a better way to sell my house fast in Cleveland, Ohio?” If you’re looking for a way to unload your property quickly without incurring thousands of dollars in selling cots, your best option may be to sell your house as-is for cash. You can make a transaction directly with a buyer and avoid the selling costs.
Below, we break down all the costs associated with selling your house.
The biggest house-selling expense is not an expense at all. In fact, you never see it. Realtor commissions are deducted from the sale price off the top. This ensures that the realtor gets their cut of the sale. How much? Realtors usually make roughly five to six percent of every sale. This may not sound like much, but it’s higher than you think.
Consider this: Let’s say you sell your house for $250,000. The realtor’s commission is $15,000 off the top of the sale. That means your profit just got cut by $15k. You may not have considered that amount when setting the asking price of the house.
Home improvements are typically one of two things:
1. Home Repairs
You may schedule an inspection to find out that you have a major plumbing problem that hinders you from selling the house. Or you may decide that you need to update a 20-year old roof. These types of repairs usually cost thousands of dollars.
Renovations differ from repairs. They typically involve smaller projects that enhance the aesthetic value of your home. A common example of a renovation would be a paint job. You may want to replace some cabinets, add some new appliances, or do some landscaping.
Whether you are undertaking a major repair or want to spruce up your home, you will likely spend between $3,000 and $20,000 to get it ready to sell. Sadly, many homeowners do not have this type of cash, which can make it extremely difficult to sell their house.
Inspections and Appraisals
One of the necessary steps in selling your home is also one of the least expensive. Before you can sell your house fast in Cleveland, Ohio, you will need to schedule an inspection and an appraisal. In some cases, the same person can perform both.
A presale home inspection could cost around $400 or more. Most appraisals cost $200 – $600. However, the cost of an appraisal depends on a few factors, such as the home size and type. Although inspections and appraisals are not mandatory, sellers invest because they want to find out about any structural or mechanical problems with the house. They also want to find out what they can expect to sell the house for.
Closing costs and additional fees
Although buyers pay a lot of closing costs, you will be responsible for paying your share. Don’t be surprised if the buyer unloads some of their costs onto you as a condition of buying the house. This negotiation strategy typically occurs in a buyer’s market. Some of the closing costs you can expect to see include
- Courier fee
- Brokerage fee
- Escrow fee
- Title insurance
- Transfer taxes
- Attorney fees
- Property taxes
- Homeowner association dues
The proceeds of your home sale will first go to pay off your mortgage. However, the payoff amount on your mortgage statement may be less than what you actually owe. You’ll likely have to add prorated interest you’ve accrued to the total balance.
You may also have to pay a fee if there’s a prepayment penalty associated with your mortgage. Check your loan documents or contact your current lender to determine if your loan includes this condition and other possible fees.
Avoid Selling Costs and Sell Your House As-Is for Cash
Now that you have an idea of how much you will spend to sell your house, you may want to consider an easier and less expensive alternative: sell your house as-is for cash directly to a buyer. What are the benefits?
It is the Fastest Way to Sell Your House
If you are in a situation where you must get out of a mortgage, move, or sell your house to raise funds (such as probate), you may not have time to sell your house the traditional way. On average, it takes 90 to 120 days to sell a house through a Realtor.
You Avoid Selling and Closing Costs
To sell your home the traditional way, you will pay for any needed repairs, updates, closing costs, commissions, and other expenses. Expenses such as closing costs, realtor commissions, repairs, appraisals & inspections can add up fast. All of these expenses add up to thousands of dollars in costs that come out of your cash.
You Avoid Numerous Headaches
You may be in a situation such as a probate, bankruptcy, or foreclosure where you are tied up in legal battles. Foreclosure can ruin your credit and keep you from buying another house for a few years. You may need fast cash to collect funds for probate. Or, if you are a landlord, you may have tenants you do not want to deal with.
Say Goodbye to the Hassle of a Traditional Sale
Selling a house can be a significant hassle. You may spend countless hours renovating your home and getting it ready to sell. When you put your house on the market, you will need to show your house to potential buyers. It takes an average of 60-120 days to find a buyer. Then you will need to deal with inspections, appraisals.
Sell My House Fast in Ohio
Before you contact the realtor or list your house on the market, do not pass up the chance to sell your house as-is for cash. Home Buyers Ohio is here to help you find the simplest solutions to get cash-in-hand quickly without wasting time and money on repairs and closing costs. We buy houses for cash. In Ohio. Call 440-490-4600 to get a fast cash offer.