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Selling your home is a big decision. But let’s be honest—one of the biggest worries on your mind is probably this: What’s it going to cost me? As someone who’s helped folks just like you, I know that understanding these costs upfront can save you from surprises later. So, let’s break down exactly what to expect, from those little fixes before the sale to closing costs.
1. Pre-sale costs. Before you even put a “for sale” sign in the yard, there are a few things you’ll want to consider fixing or updating. Here’s where to start:
- Home inspections. This is not a must, but a home inspection can reveal any repairs needed. Fixing these upfront means fewer issues when buyers come knocking.
- Maintenance and upgrades. Deferred maintenance such as leaky faucets, faded paint, or outdated fixtures are best tackled now. Simple upgrades like new lighting or plumbing fixtures can boost your home’s appeal without breaking the bank.
- HOA fees and property taxes. Make sure your homeowner’s dues and property taxes are current. It may not seem urgent, but unpaid fees can hold up your sale or even cut into your profits.
2. Cost of Sale. Next, let’s talk about the actual cost of selling, which are costs that come with a real estate transaction.
- Real estate commissions. This fee, usually between 2% to 7%, goes to the agents who help sell your home. It’s negotiable, and the amount can vary based on the marketing efforts needed to sell your property.
- Marketing add-ons. You might also consider marketing add-ons like professional photos, drone shots, or social media ads. These extras help your home stand out but come at a price. Your agent can advise on whether these are worth the investment.
- Buyer’s brokerage fee. Some sellers offer a percentage to the buyer’s agent as an incentive. Like other costs, this can be negotiated.
3. Closing costs. In Mississippi, most closing costs fall on the buyer, but there might be small fees like document mailing or notary services if you’re out of state. While closing costs aren’t a big concern here, seller concessions can be. As the market shifts, buyers may ask you to help cover their closing costs, which can range from $2,000 to $15,000, depending on the loan terms.
One more thing you need to be aware of is capital gains. When you sell, taxes aren’t far behind. If you’ve lived in your home for two of the last five years, you’re likely off the hook for capital gains tax on your profits. But it’s worth a chat with your CPA to be sure.
Selling a home doesn’t have to be a guessing game. Knowing the costs upfront means fewer surprises—and more control over what you walk away with. If you’re ready to take the next step or just want to talk through your options, you can call or text me at 228-215-1861.
