Costs of Selling Your Home in New Jersey
The costs of selling your home in New Jersey can be very expensive, but there are also ways to minimize these costs in order to get top dollar for your home. On average. a home sold through a REALTOR on the MLS will have total selling costs in excess of 10% of your home’s final sale price. These costs may include repairs, closing costs, moving, and storage costs. Most likely though, the highest of all costs is the realtor costs which could be in excess of 6%. It is important to understand all these costs and if possible, minimize them to allow you to walk away with top dollar for your home.
When selling with a realtor or NJ licensed sales agent, you are often encouraged to complete costly repairs so that the property with show well to potential buyers. These repairs can be very costly in nature even if they seem simple. Simply painting a room can cost over $1,000! These type of repairs often do not offer a higher sale price but instead allow the realtor to sell the house quicker. At the end of the day, the more homes they sell means more money for them.
A way to avoid these repairs is to identify buyers who purchase homes “as-is” or buy houses with structural issues, buy houses with leaks, or buy house that need to be rehabbed. Property buyer Connect buys houses with any type of remodel needed, and purchase with limited inspection creating a hassle free process for the seller.
What Are Transfer Taxes in New Jersey?
The other major expense when selling a home are transfer tax. In New Jersey realty transfer fees are imposed on the seller for a home which is selling for $350,000 would have a transfer tax of $2,015. The calculation is as follows.
$2.00/$500 of consideration not in excess of $150,000;
$3.35/$500 of consideration in excess of $150,000 but not in excess of $200,000;
$3.90/$500 of consideration in excess of $200,000 but not in excess of $350,000.
The easiest way to budget for this cost is to take 1% of sales price. There are ways to avoid this cost as well. The easiest way to avoid this transfer tax is to sell to a buyer that is comfortable with paying for the tax on behalf of the seller. Property Buyer Connect is a buyer that has purchased properties and has paid for transfer tax for the seller. If this is of interest it must be brought to attention before signing of the contract.
Other Costs of Selling Your New Jersey Home
The next most costly fee when selling a home is moving and storage costs to the seller. Sellers are often encouraged to have a property vacant which means sellers would need to move out. At the very least sellers are required to leave the property when showings are taking place. This creates a lot of hassle and headache for the seller. Agents will also require sellers to “declutter” organize or remove items from the house to help the house sell better. Most times, this involves storing your items in a storage unit if you have nowhere else to keep them. It is important to find a buyer that can look past that. Property Buyer Connect purchases homes completely as-is. This means you don’t have to worry about cleaning, storage, other other headaches.
Overall the costs of selling a home can be very expensive, but there are ways to minimize that expense. Property Buyer Connect is here to help purchase your home without unnecessary fees and costs and with ease and transparency. Contact us today for a free, no-obligation cash offer on your New Jersey home.