Selling your house in Washington can turn out to be a daunting task depending on several factors—the biggest question that keeps lingering is, ‘why should I sell my home in the first place?’. Most probably, I am on a financial fix, and the only way out is to sell my house fast. It could be that you have lost a loved one, and you need to pay for the hospital bills, or you could be experiencing negative equity.
All in all, I might have already decided to sell my home to get out of whatever unpleasant situation I am in. However, with the unseen risks and the unpredictable process I might undergo to sell my house, I prefer considering some factors which you should consider too. First, it would help if you were sure that this is actually the ideal time to sell your house. Yes, timing really matters, and according to Forbes, the month of May warrants incredible returns if you want to sell your house.
Additionally, you need to take into account the current state of the market to make sure that you don’t end up listing your house for more than four months without getting a buyer. Looking at your country’s housing affordability index (HAI) and checking to see if the season is leaning towards an imbalanced market is crucial in helping you sell your house fast in Washington.
One major mistake that you need to avoid is buying a new house before selling your current one. This is because of the uncertainty that comes with selling a house with regards to pricing as well as time. Therefore, the key takeaway is that research is a prerequisite when you want to sell your home.
After having ticked all the above factors, the biggest hurdle is establishing the costs of selling your house in Washington.
Not to worry because this is the article for you. Below is a list of indispensable costs associated with selling a house.
Real Estate Agent Costs
Selling a house in Washington is a tedious process; therefore, most property owners hire real estate agents to do the work for them. The advantage of hiring an agent is that they take care of all the drudgery, which includes: finding out the market value of your house, planning for open house showings, negotiating with buyers, and finally getting you to close the deal with the buyer.
Getting an agent will cost you a great amount, depending on where you come from. In the US, for instance, real estate agents get paid a 6% commission of the total sale price. However, this could turn out to be very expensive for a seller that has no equity and owes more than the money that will come in.
House Valuation and Appraisal Costs
These are costs incurred by sellers when they decide to follow the “for sale by owner” approach. Selling a house without the help of an agent requires great research in terms of finding out the price value of your house, advertisement costs for flyers, and open house banner, among others.
A housing appraisal is done by a professional to determine the value of your house, which will determine whether a lender will grant you a loan. A low appraisal could affect the sale of your house by delaying it or even worse, causing a loan denial request.
To Hire or Not Hire a Videographer? What are the Costs?
Just like the cost mentioned in the above paragraph, selling your home in Washington on your own requires advertisement. You could decide to post pictures and a 360 or drone shoot video of your house. This is very important as it could get you, buyers, fast.
Most people decide to use their smartphones to save on costs; however, this could mean not getting any interested party to come for the open house showing. It is thus advisable to hire a videographer so as to put out crisp images that will motivate buyers. You, therefore, need to budget for this cost, which could go up to $1000 depending on the service.
Costs That Come with Renovation and Repairs
You need to take care of all the leaking faucets, chipped paint, broken windows, and squeaking doors before selling your house. This means buying new materials as well as hiring people for the job.
Staging Agent Costs Right Before the Open House Showing
Potential buyers usually have their ideal home in mind. This could range from aesthetics to space and, most importantly, whether the house feels ‘homely.’ You could, therefore, hire companies to clean and stage your house. These companies are able to anticipate buyers’ needs increasing the chance to sell your home fast with HelloPad.
Mortgage, Debts and Unresolved Fees
Depending on the kind of neighborhood you live in, you may be part of a homeowner’s association (HOA) and could be having arrears of the HOA fees. Other costs include debts as well as a mortgage, which depending on your equity and other conditions by the bank, could prevent you from selling your house fast.
Energy Performance Certificate (EPC)
It is a document that outlines the energy consumption of a property. Although the EPC is not the top three in the list of things buyers look out for when selecting a property, the document is required in some European Countries and could result in fines if the owner fails to provide one.
Insurance Costs
A property owner needs to have insurance before selling their house. This cover could come in handy on the occasion where a potential buyer gets injured during your open house viewing.
Closing Costs
Every seller’s desire is to go through a smooth house closing sale. This final stage is perhaps the most crucial, and sellers are advised to be vigilant due to the technicalities of the process. For one, a lot of paperwork is involved, and since this is a legal process, an escrow agent ordinarily an attorney has to be present for the signing of the purchase agreement document.
Additionally, the seller may have to pay a one-year warranty home hazard disclosures fee, depending on the state requirements.