When it’s time to put your house on the market, you’ll need to keep these hidden costs in mind.
If you’re planning on selling your house during the busy home shopping season (usually March through July), you’ll want to read this first. Real estate site Zillow and online service site Thumbtack recently did an analysis on the “hidden costs” of selling a home across t the United States. On average, a homeowner will spend about $18,342 in extra costs when they sell their home.
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Yes, you read that right. The two companies found some common expenses that most sellers (especially if it’s their first time) overlook. The biggest expenses that people forget about are closing costs. These vary by market, but for a median-valued U.S. home, they total $13,357, according to the report. Closing costs in San Jose, California, for a median valued home total $74,927, while it’s $8,604 for a home in Indianapolis, Indiana.
Other expenses include getting your house market-ready, with sellers spending on average about $4,985 to hire professionals to perform maintenance and repairs, paint, and stage their homes. Like closing costs, this varies by city: in San Jose, you’ll pay $6,580 on average, and in Orlando, Florida, you’ll pay $3,820.
These are all good points to keep in mind as you are preparing to sell—you may make a profit in the end, but you should be willing to shell out a bit first.