How Much Does It Cost to Sell a House? – NerdWallet

Buyers also purchase a title policy if they apply for a mortgage, but that policy protects only the lender. In some areas, the seller pays for a separate policy for the new homeowner. The average cost is about $1,000, according to the National Association of Realtors.

The title company will run a title search on the property during the sale process. If the search reveals a lien on your home, you’ll need to settle it before you can sell the house.

It’s no surprise you’ll need to pay off your mortgage when you sell your home. But the payoff amount is probably different from the balance due listed on your last mortgage statement, because of interest charges. You’ll want to know the payoff amount.

If your mortgage has a prepayment penalty, that will be added to the amount due. The money from the sale will apply toward the remaining balance on your mortgage. If the selling price of your house isn’t enough to cover the full balance, you’ll have to pay the difference.

The buyer will probably order a home inspection before closing. If the report reveals problems, you may be asked to pay for repairs.

Whether you buy boxes, pack and move them yourself or hire a company, you’ll want to budget money for the move.

Depending on how competitive your local market is, it can be smart to pay for extra services to attract potential buyers. They’re not always necessary, but they could help your home stand out.

To ease potential worries about buying an older home, sellers can offer a home warranty that would cover most of the repair costs if a major system broke soon after the home was sold. One year of coverage often costs between a few hundred and $1,000, although some plans can cost more depending on the coverage offered.

It’s wise to remove clutter and give your home a good cleaning before you put it on the market. But your agent may suggest going a step further and hiring a home stager to make your home more visually appealing.

Stagers may rearrange furniture, change the interior design and even rent furniture to display while your house is for sale. The median cost to hire a professional home staging service is $600, according to 2023 data from the National Association of Realtors.

Buyers are usually responsible for mortgage fees, home inspections and appraisal expenses, which can add up to about 2% to 6% of the selling price. If you’re in a slow market, offering to pay some of those closing costs for the buyer could help seal the deal.