Listing your home isn’t free. There are costs, chores, and a significant amount of work involved in getting your home ready for the market. Before you list your home, carefully consider the time, energy, and money required. This includes everything from cleaning and staging to hiring a professional photographer and paying for listing fees. If you have a direct buyer with a great offer, it might be preferable to the hassle and out-of-pocket costs associated with listing. It’s important to weigh the benefits of a straightforward sale against the potential expenses and effort of putting your home on the market. Understanding what it really costs to sell your home in Chicago can help you make an informed decision and choose the best option for your situation.
Commissions, Staging & Yard Work, Oh My!
Cleaning
First things first: your home must be thoroughly cleaned from top to bottom before listing it. This includes cleaning windows inside and out, scrubbing grout and tile, dusting baseboards and molding, and tackling obscure areas such as window sills and ceiling fans. If you have pets, pay particular attention to pet hair and odors. While you can clean your home yourself, you won’t achieve the same level of accuracy and efficiency as a professional. Additionally, maintaining this level of cleanliness for showings, open houses, and surprise visitors can be time-consuming and energy-draining. Hiring a professional cleaning service can ensure your home is spotless and inviting, making a positive impression on potential buyers and increasing your chances of a quick sale.
Landscaping
Never, ever, ever neglect the yard when selling your home. Ensuring your yard has excellent curb appeal and isn’t overgrown or filled with weeds is crucial. Like cleaning the interior, you can manage this yourself, but it will require some hard work. Here’s what you need to do:
- Trim back trees and bushes.
- Weed the lawn and open areas.
- Plant flowers and appropriate plants to add color and charm.
- Fix anything that needs repair, such as fences or garden structures.
- Apply fresh paint to outdoor trim, the mailbox, and the front door.
- Add seating and other staging elements to make the outdoor areas more welcoming and functional.
Your backyard should be warm, inviting, and well-manicured, creating a space where potential buyers can imagine themselves relaxing and entertaining. The front yard is your home’s first impression, so make it a good one! By dedicating time and effort to your yard’s appearance, you enhance your property’s overall appeal and increase the chances of attracting serious buyers.
Storage & Moving
Even if you’re still residing in your home, once it’s on the market, it’s wise to begin packing and storing some of your personal items in preparation for your move. Keeping personal belongings around can make your home feel cluttered and deter potential buyers from envisioning themselves living there. While your home is listed, you’ll need a designated place to store your belongings, which may involve renting offsite storage. If you’re temporarily relocating until your house sells, you may incur additional expenses such as rent and dual utility bills.
Once your house sells, there are further costs to consider, such as moving expenses. Will you hire movers or handle the packing yourself? Do you need to rent a moving truck? These are important factors to account for and include in your budget planning. Being prepared and organized throughout the selling process can help minimize stress and ensure a smoother transition to your new home.
Listing Fees, Agent Fees, Administrative Fees and Notary Charges
Working with a real estate agent involves more than just the commission, which we’ll discuss below. There are additional fees and charges that you should be prepared for. Agents typically pass on costs to cover marketing, listing, and administrative tasks such as clerical work and printing. You may also incur charges for notarization and other miscellaneous expenses that can accumulate quickly. It’s important to understand these potential costs upfront and factor them into your budget when planning to sell your home. Being aware of these fees can help you make informed decisions and avoid financial surprises during the selling process.
Commissions
This is crucial: when you sell your home through an agent, they typically charge a commission. This commission is usually around 6% of your sale price, though it can vary. When calculating your asking price, it’s essential to factor in not only the commission but also the other charges mentioned earlier. This ensures that you have a clear understanding of the total costs involved in selling your home and allows you to set a competitive and realistic asking price. Understanding these financial implications upfront can help you navigate the selling process more effectively and make informed decisions about pricing and negotiations.