The Hidden Costs of Selling a Home
Selling a House in 2018 Can Cost More than $5,000 or even $10,000+
From basic home prep projects like staging or carpet cleaning to closing costs, U.S. homeowners spend thousands of dollars in hidden costs to sell a house
U.S. homeowners spend $18,342 on average to sell their home, according to Zillow® and Thumbtack’s 2018 Hidden Costs of Selling analysisi.
Zillow and Thumbtack identified several common, but often overlooked, seller expenses and calculated what they would cost around the country. Since most (61 percent) of today’s sellers have never sold a home before, many of these costs may come as a surpriseii.
Home sellers spend more time getting their home ready to sell than it will spend on the market, with the majority (78 percent) of sellers making at least one home improvementiii. Sellers who hire professional help spend $4,985 on average to cover many basic seller prep projects like painting, staging, carpet cleaning, lawn care and gardening and local moving costs.
“Even in the hottest housing markets in the country, selling a home takes time and costs money,” says Jeremy Wacksman, Zillow’s chief marketing officer. “From decluttering and staging to pre-inspections, agents and homeowners often spend months behind the scenes prepping a home – well before it’s listed on the market. If you’re planning to sell this year, try to take some time to research what costs you may be responsible for and how they could affect your profit or even budget for your next house.”
“While there could be some initial sticker shock associated with the costs of selling a home, investing in home improvement projects like painting and home staging often proves to be very valuable in the long-run,” said Lucas Puente, Thumbtack economist. “Homeowners starting to think about selling should take time to research and budget for the projects that can ultimately help sell their home faster and at a higher value.”
Basic Home Prep Costs to consider when thinking about selling your home in the future.
1. Contact a Real Estate Professional for advice…..they generally have connections with home prep items/stagers.
2. Carpet Cleaning or new Carpet Installation
3. Simple Kitchen & Bathroom Updates
4. Replacing Broken Window Seals
5. Lawn Care
6. Declutter and Cleaning
8. Staging (does add value to your home!)
9. Fix any Leaking/Dripping Plumbing
10. Correct Electrical code violations you are aware of
11. If you are concerned about an inspection it may be worth your time to have your home pre inspected…then you are aware of possible issues that need to be fixed prior to listing your home.
According to the 2017 Zillow Group Consumer Housing Trends Report. Sellers spend five months on average thinking about and prepping to sell their home before listing. The home then spends an average of three months listed on the market (in some cases just weeks depending on the location).