If you're thinking about selling your house, you're likely curious about the costs involved. The total amount you'll end up spending can vary based on a few key factors. This includes the offer you decide to take, whether you assist your buyer with their closing costs, how many repairs you choose to make, and more.

Here’s a rough idea of what you can expect in terms of expenses. Below, you'll find some information on a few costs you should be prepared for.

Let’s put those costs into context. Many homeowners today have built up a considerable amount of equity in their homes, which means they could see significant profits when it’s time to sell. You likely have some equity as well. This can help you quickly recover those selling costs, and you might even have enough left over to contribute to your next home purchase.

Let’s take a closer look at some of the costs shown in the graph above. This will help you understand what they cover and identify areas where you might save some money when it makes sense to do so.

Closing Costs and Commission

Here’s a breakdown of the fees you’ll encounter at the closing table to address different parts of the sale. You’ll have your own closing costs, and you might also consider covering some of the buyer’s costs as a concession. As U.S. News Real Estate points out:

““Closing costs are fees that are paid to finalize the transaction and transfer ownership of the home to the buyer . . . Sellers can expect to pay 2% to 4% of the sale price of the home in fees and taxes on top of the agent commission. Based on the national median home sale price, this means that closing costs in 2023 for sellers are about $7,740 to $15,480. . .”
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— U.S. News Real Estate

Taxes can differ from state to state, and agent commissions are based on what you agree on from the start. Remember, the figures in the chart above are just examples, not precise amounts. Additionally, if you've been contributing to costs like property taxes or mortgage escrow as part of your current payments, you might receive a credit at closing. This credit can help reduce some of your selling expenses.

Pre-Listing Inspection and Repairs

One option that some sellers consider is getting a pre-listing inspection. This helps you identify potential issues that could arise during the buyer’s inspection. Addressing these upfront can prevent buyers from requesting credits or concessions later on to cover these costs.

This lets you get a head start on repairs and address them before you list your home, making sure it's ready to impress from the very beginning.

If you'd like to bypass this step, you can always consult an agent. They can advise you on paint colors, minor cosmetic repairs, what buyers are typically interested in, and whether it’s worth handling additional tasks beforehand. This way, you can ensure you're investing your money in areas that are most likely to yield a good return.

Home Staging

As the inventory of homes increases, it’s a good idea to take some extra steps to help your house stand out. Staging is one option that can really enhance how your home is presented. This might mean bringing in rental furniture if the place is empty or adding some artwork to make the walls feel more inviting. You can even do some staging virtually after the photos are taken. But what about the cost? According to Bankrate:

““Home sellers typically pay somewhere between $782 and $2,817 in home staging costs . . . but the price tag can vary widely.”
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— Bankrate

If you prefer not to handle this step yourself, you can always rely on your agent's insights about what works well and what might seem cluttered. A good agent can recommend simple changes, like removing a chair to create better flow in a room, adding a rug to bring warmth, or taking down personal photos to make certain areas feel less personalized.

Why Leaning on an Agent Is Key

If you're trying to reduce your expenses, you have choices. Just be cautious about what you decide to cut. You might think about skipping staging or a pre-listing inspection since they're not required, but it's risky to go without professional help when selling your home.

An agent is your trusted expert during the entire transaction. They provide tailored advice at every phase, guiding you on how to stage your home and which repairs to prioritize. This support can save you the expense of hiring an outside stager or paying for a pre-listing inspection.

Your agent does more than just sell your home; they also develop personalized marketing and pricing strategies that showcase your house's best features, including any upgrades you've made to prepare it for showings. This approach can ultimately lead to a higher sale price in the long run.