If you’ve never done it before, you might be surprised to find out that selling your home isn’t free.
Sellers can expect, on average, to pay approximately 10% of the sale price of a home. In Illinois, that number spikes to 11.92%. This article outlines how these costs are broken down.
The good news is that selling your house with Offer4Homes can drastically reduce these costs so that you can keep more cash.
Seller Expenses
Before you can get a check or direct deposit with several zeroes behind it, you will incur some costs when you sell your home through a traditional real estate agent. These include:
- Agent commissions: These fees are based on the value of the sale and can range from 5% to 6% of the home price. Based on the average home price in Illinois, this can cost sellers well into the five figures.
- Home repairs: To increase the chance of selling your house, many buyers (and lenders) will expect you to make both major and minor repairs to solve issues with the property.
- Staging and prep: Whether your home is brand-new or needs some updates, the National Association of Realtors recommends staging a home. 81% of buyers report that it’s easier to visualize a property as a future home when it’s staged. Home staging can be cost-prohibitive, tallying up bills ranging from $752 to $2,837 per month. If your home takes a while to sell, these figures can add up!
- Buyer concessions: Buyers can sometimes ask for special deals or incentives for buying your home, including upgrading appliances, paying for moving expenses, or making repairs.
- Seller’s closing costs: Both buyers and sellers incur closing costs, though sellers tend to pay the bulk of this figure. There are several fees bundled into this amount, including transfer taxes, title fees, recording fees, and more.
- Relocation and moving costs: After you sell your home, you’ve got to go somewhere. Don’t forget to consider the cost of moving to a new home. If you’re relocating to a new city, the costs may be significant.
Buyer Expenses
Buyers, of course, are on the hook for the price of the property. However, buyers also incur other fees when they purchase a home.
- Appraisal fees: Typically, whoever requests an appraisal is the party who pays. This will almost always be either the buyer or a lender. If the lender requests an appraisal, the costs will be passed on to the buyer.
- Buyer’s closing costs: How much a buyer pays in closing costs depends on the loan amount. The figure tends to range between 3% and 6% of the loan value.
- Relocation and moving costs: Like sellers, homebuyers also have to consider the cost of moving to a new home. This could include expenses associated with moving furniture, relocating to a new city, and paying deposits for utilities and other services.
- Title insurance: Title insurance in Illinois is included in the home’s closing costs, which can be between 0.5% and 1.0% of the total purchase price. Title insurance protects buyers from title defects, including future claims against a property. These claims can be related to ownership and border disputes, forged documents, and other third-party claims.
How Selling Your Home for Cash Puts More Money in Your Pocket
When you sell your home to Offer4Homes for cash, you can avoid several of the expenses listed above.
For example, we buy your home in “as-is” condition, so you don’t have to worry about things like repairs or home staging. Not only will this save you significant funds, but you can also move quickly and sell your home almost instantly. This is because you don’t have to identify the repairs that need to be made, get estimates, find contractors, and wait for the repairs to be made.
Further, you get to avoid one of the most significant costs of selling a home – agent commissions. When we buy your home for cash, you won’t pay a dime in commissions.
Offer4Homes handles junk removal after you move out. You can just take whatever you want/need and leave the rest behind. We’ll take care of the disposal!
Sell Your Home Fast for Cash with Offer4Homes
At Offer4Homes, we take the hassle out of selling your home, and we eliminate the delays that are associated with home selling. You don’t have to stage an open house and have strangers traipsing through your home, and you don’t have to wait for buyer financing to come through.
With Offer4Homes, you’ll get a cash offer for your property in whatever condition it’s currently in, and we can even help with your lender if your home is in foreclosure or has other issues. Find out how much cash you can get for your home by completing this online form.