St. Louis Home Sellers: Beware of These Costs
Selling a home may seem to be just about one big transaction for St. Louis home sellers, but the truth is, it’s a little more complicated than that. Even if your St. Louis home has appreciated since you bought it, there are still costs that come with selling a home that many sellers forget about.
Here are seven costs St. Louis home sellers need to be aware of and ready for.
Repair Costs
You might think that because you have a new St. Louis home lined up, you no longer have to pay for repairs at the house you’re going to sell. If you’ve let some maintenance go on your old property, then you’re going to need to spend some money to get them fixed.
After you accept an offer, your buyer will have an inspection done, so all of these problems will come out one way or another. If the buyer finds them, he or she will use those repair costs to lower the selling price of the house.
This is not the time to be cheap with your home, so fix up your lawn, touch up your paint and fix any broken appliances or problems with your St. Louis home.
Staging Costs
Staging may seem like overkill for St. Louis home sellers, but it really does sell homes. Staging gives buyers a good idea of what it’s like to live in your home. The more they imagine, the better chance they’ll put in an offer for your home.
Professional stagers help sellers bring out the best in their homes. They’ll help you arrange your furniture to show off a room’s best features, and they’ll spark little details to add color to a room without painting any walls. They’ll also help you with tips for keeping your house clean and clutter-free while you’re trying to sell it.
Clean Up Your Lawn
If you’ve been neglecting your lawn care, then you need to step it up. Curb appeal is important to St. Louis buyers. Spend some money fixing your lawn to get it ready for showings. Mow the grass and trim your bushes and trees. Plant new flowers and spread some mulch on your flowerbeds.
Listing Photographs
Your home’s listing is the first impression for most buyers. If they like your photos, they’ll schedule a showing. You have to make that first impression count, so you should hire a professional photographer to take your listing photos for you. This will ensure your home’s best features are highlighted.
Paying Utilities
Even if you’ve moved into your new home, you still need to keep the lights on and the water flowing. No one wants to tour a dark house, so remember that you’ll have to keep paying your utility bill.
Taxes from Capital Gains
Depending on your St. Louis home’s appreciation, you might have to pay an additional tax called the capital gains tax. It’s calculated on the difference between what you bought your home for and what you finally sold it for, minus any upgrades you made (make sure you provide documentation for this). There are some tax breaks available so talk with your accountant.
Final Closing Costs
Sellers too must take part in the closing costs. You will usually pay about 2 percent of the home’s final price. Some closing costs you will have control over, and others you won’t. You can negotiate here with the buyer, but plan on paying these fees anyway.