There’s that old saying, “you have to spend money to make money.” When selling a house it’s important to remember the associated costs. Your realtor is very well educated on the subject and can elaborate more, but here is a short list of considerations for sellers. (1) Get Ready To List. Fix all those little repairs before the home is listed because the buyer will order a home inspection. No matter how small the issue is the buyer will use this as ammunition later. (2) Commission. While real estate commissions are negotiable the typical rate is 5 to 7% . (3) State Excise Tax. The seller pays this tax consisting of local and state. Most of Chelan County is 0.50% making a combined total of 1.78%. (4) Closing. When you sign on the dotted line there will be some closing costs summed up from: escrow fees, title fee, document fee and buyer’s closing fees. These can total up to 1 to 4%. (5) Loan Balance. All loans on the home must be paid off before transferring the title. (6) Federal Income Taxes. It is important to check with your accountant and prepare for the possibility of federal income taxes especially if the home is an investment property or used for business.
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