How Much Does it Cost to Sell a Candlewood Lake Home?
Selling Candlewood Lake Danbury CT homes could be a dreadful experience if you are not aware of the
costs involved and end up not making as much money as you had expected.
Most sellers only think of
the real estate agent’s commission as the seller’s expense, but there are
actually many other costs and fees involved in selling a home. Knowing what
these costs are can make the selling experience less stressful and help you
prepare financially and maximize the profits from selling your home.
On average the total cost of
selling a house can be anywhere from 7% to 10% of the the home’s selling price.
This may seem like a big amount for most sellers, but if you want to get top
dollar for your home, you need to be prepared to shoulder these costs. Please
keep in mind that in Connecticut, your attorney will calculate and collect all
monies due for the closing.
1. Real Estate Agents
Commissions
This is the biggest cost when selling a Candlewood Lake
home. HUD usually pays a 6% commission - 3% goes to the selling agent and 3% to
the listing agent. You can always negotiate with your real estate agent for a
lower commission.
2. Title Insurance
This is usually paid by the seller in most states but not
in Connecticut, it is a buyer’s expense, as is the title search. Title insurance is a guarantee to the buyer
that your home has a clean title since it states that all loans are paid off
and all liens, judgments, and title defects have been taken cared of. Different
states have different laws regarding title insurance but in Connecticut, the
cost of an owner’s policy depends on the sales price of the Candlewood Lake
home and costs between $450-600 on average.
3. Closing fees and Recording
Fees
Connecticut is an attorney state. One of only four in the United States. Attorney fees vary but it is advisable to
select an attorney whose primary practice is Real Estate in the state of
Connecticut. Also, when selecting an
attorney, typically the attorney will be paid for at the closing without
retainer fees or hourly rates. You will
find attorney’s fees varying from $700.00 to $1400.00.
The property seller in
Connecticut will also have a conveyance tax expense. The State Conveyance tax is 0.75% on the
first $800,000 of value and 1.25% on the remaining value. In addition, the
municipal tax can range for 0.25% to 0.5%, depending on where the property is
located.
Recording Fees are paid for
by the Buyers in Connecticut.
4. Taxes and Utilities
You will need to pay taxes and utilities for your
Candlewood Lake home until closing. You may have taxes to pay at closing before
your home is sold even if your mortgage company may be paying your property
taxes through an escrow account. The escrow account will be returned to you at closing. Any property taxes collected from you for
dates after the closing will be paid to you from the buyer at closing.
5. HOA fees
If you live in a neighborhood with an HOA, you most
probably pay your monthly HOA dues. The HOA fees prepaid by you will be paid to
you by the buyer at close.
6. Repair Costs
To get the most money from your Candlewood Lake
properties, your home needs to be in its best condition. You may need to spend
on repair and replacement of items in order to make your home appealing and move-in
ready for the buyer.
Before you make money from
selling your Candlewood Lake homes, it takes money to sell it too. Just
remember that the previous homeowner (if any) paid those costs too before
selling it to you. If you are planning
to use the money from the sale of the home to buy a new house, make sure to
figure out the actual amount you will get after deducting all the costs so
won’t be short on your purchase money for your new home.
For more information on
Candlewood Lake homes for sale, visit www.CandlewoodLakeCTRealEstate.com.
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