If you are planning to sell your northern Illinois home, it is important for you to know about the potential costs involved. Many sellers are unaware of the expenses involved simply because they are uninformed, but that doesn’t have to be you! It is always a good idea to consult with your agent as to what expenses you should budget for during the selling process, but listed below are some of the most common costs associated with selling your home.

Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they're not due yet. In addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Home Inspections: Although the buyer pays for the home and pest inspections, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

Home Repairs: If your inspector finds problems or if you know of problems that you have been wanting to correct, it is time to fix them. The less problems that the home has, the more attractive it is to buyers. Don't forget to budget for new paint, plants, hardware etc. that offers a fresh new look as well.

Legal expenses: Many sellers choose to work with a real estate attorney to examine the sales contract and assist with closing, which can be complicated.

Prepayment penalty: Many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print.

Other Fees Negotiated by the Buyer: Buyer negotiated fees are becoming more common in the current real estate market. Some of the most commonly seen buyer negotiated fees might include a home warranty paid for by the seller, the cost of repairs needed to make the sale, and the cost for a home inspection. Keep in mind that most parts of the real estate contract are negotiable.


Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation. 

 

 

 

kh/