What will it cost to sell your home in Vail Valley? The real estate commission is usually the biggest fee that a seller pays. Usually 6 percent of the sale price, the commission is paid by the seller and split between the seller’s agent and the buyer’s agent. Some homeowners try to save on the commission cost by selling the home without an agent representing them. It’s important to remember that if you list your home For Sale By Owner you will be solely responsible for showing the home to prospective buyers, negotiating, hiring a lawyer to draw up the contract, and ensuring the title is transferred. It’s often best to work with a knowledgeable Realtor in your area. What other cost do you need to consider when it’s time to sell your Vail Valley home?
Holding Costs, Staging, & Home Repairs
Holding costs are the cost of maintaining your property while it’s on the market. Fixed expenses typically include your mortgage payments, homeowner’s insurance, and property taxes. These also include utilities such as electric, gas or propane, water, sewer, trash, security system, phone, internet, cable, or satellite TV. Does your home have Homeowner Association dues that you pay regularly? Depending on your home and the time of year you might also be spending money on a pool service or snow removal. Other variable expenses can include property management fees, appliance repair or replacement, landscaping, window washing, or maid service. You may also want to pay a reputable company to stage your home (or you can also do it yourself!) so that it appeals to a wider range of prospective buyers.
I would recommend taking some time to sit down and start calculating your holding costs when selling your Vail Valley home. Add up all of these costs and consider that you will continue paying for these things while your home is still on the market.
Closing Costs & Capital Gains Tax
While most of the closing expenses are paid by the buyer, don’t be surprised if you’re asked to cover a portion of them as well. Your real estate agent will be able to negotiate these costs with the buyer. But some costs you may be asked to cover include attorney fees, property taxes, transfer taxes, and title insurance. It’s very unlikely you will pay all of these fees. But it’s always a good idea to be prepared for unexpected costs when selling your home.
Another thing that people often forget to consider is the Capital Gains Tax. When you sell a home for more than what you purchased it for, that counts as a capital gain. This might need to be reported on your federal tax return. Luckily, many homeowners are eligible to exclude up to $250,000 of profit ($500,000 for married couples filing jointly) from their main home from tax. As long as they haven’t used the tax break on another home sale within the past two years.
How Can I Help?
If you are considering selling your Vail Valley home I hope that you’ve found this information useful. Please reach out to me if you ever want to know more! I want to provide my clients with interesting and up-to-date information so they can make informed decisions. If you think that my expertise and positive attitude might be of service to you don’t hesitate to reach out and contact me.
Would you like more information on the Vail Valley/Cordillera area or the real estate market specifically? To receive my detailed monthly market report immediately, click here!
Robert Schilling
Coldwell Banker Global Luxury Specialist
Coldwell Banker Distinctive Properties
(970) 390-0705
[email protected]