How Much Does it Cost to Sell a House? When it comes to selling your house you have a few different options available to you – each with their own benefits and disadvantages. Below, we will be going over these options and the positives and negatives of each option. Sell It For Cheap Selling your home for cheap might not sound like the best option for you, in some cases that’s true. You have to be happy with what you are doing and what you get the home for. But, some people really just don’t have that option. They either need money right now, they are moving, their job relocated them, etc. They need to sell ASAP and it doesn’t really matter too much about what they get in return, as long as it’s something. When you sell a home for cheap or sell it as is, you are essentially selling to an investor. This can be an individual that will fix and flip it or it might be to a big corporation that will fix it up, renovate, remodel, etc., and then sell the house. The great thing about this option is you can indeed sell it as is. No fixing, renovations or remodeling necessary on your end. The negative, is that you might not get as much back that you would if you invested a lot of money into it and then sold it. With most of these individuals and corporations that will buy your house as is, the benefits outweigh the negatives. For example, a lot of these people will actually buy your home as is AND will also pay for extra things like closing costs. They might also offer a guarantee on closing the house – some of them do it as quickly as one week. Another cool thing about this option is that most of the companies are more than willing to work with you, without banks involved. That means you get cash for the house and you get cash quickly. If you want to use this option you can go with a company that buys ugly houses in Westfield NJ. Also, since you are selling it as is, you don’t have to worry about repairs – they do everything. When you sell to an investor, they will come in and inspect the house for the value. Then, they will figure out how much it will cost them to update the house and will deduct that from the overall value of the home. This includes; renovations, painting, fixing things and repairing things, landscaping, remodeling rooms, etc. The whole point is that they get the house for an inexpensive cost so they can flip it and earn a profit. Some ways that they determine the value of the house as is, will be:
The existing condition of your home The extent and cost of repairs needed to resell your home The time it will take to finish needed repairs The value of your home compared to other comparable homes in the area The real estate commission required to resell your home The costs associated with maintaining your home during repairs, including taxes, payments, insurance, utilities and homeowner dues.
Rent Your House Another option available to you is to become a landlord and rent the house. Again, this has benefits and disadvantages. First and foremost you can start receiving money almost immediately after a renter moves in. Secondly, it gives you the ability to use that money to pay for your new mortgage, save it for your nest egg, use it for a vacation, etc. However, being a landlord isn’t all fun and games. You will have to deal with property management, sometimes your tenants can cause problems with the neighbors, and you will have to spend a good bit of time doing references and background checks. Also, if you live in a specific area, you may need to pay fees for renting the house or follow certain zoning rules. Rent To Travelers If being a full-time long term landlord doesn’t seem like something you would like to do, maybe you should think about renting it on a less permanent basis. Vacation rental homes are all the rage these days. People don’t necessarily want to just go on vacation and rent a hotel room. They want all the amenities a house offers. This might be a good option to you if you have something worthwhile for example; breathtaking mountain views, a unique design, a swimming pool on the gulf, access to a private beach, etc. Again, you will need to follow some rules if you want to do this, check with your local government to see what you need to do in order to rent your house out for vacationers. Hopefully, this gives you some options when it comes to selling your house, as well as alternative options. Of course you could also go old school and get a realtor. But, just so you know, if you do this there are a lot of fees and it’s really hard to sell a house as is unless you are marketing it to the right type of people i.e.; investors, flippers, etc. Some fees you will have to pay with a realtor include; real estate commissions, closing fees, closing costs, title insurance and more. It really starts to add up after all those fees.