Determining Your Costs and Profits
The following is a partial list of costs that may be associated with the sale of your home. Once you have calculated your total costs, simply subtract that number from your sale price to determine your profit (or loss).
Costs to consider:
- 1st Mortgage (Get your payoff from your lender)
- 2nd Mortgage (Home Equity Loan/Line-of-Credit)
- Title Insurance (Get a quote from a local title company)
- Closing Fee (Ask a title company, but typically ~$500)
- Legal/Attorney Fees
- Property Survey (Most lenders require a survey to verify legal property boundaries)
- Home Warranty Policy (optional, but potentially useful for marketing)
- Inspection Fees (mechanical, structural, pest, radon, etc.)
- Document Preparation Fees (Attorney, Realtor, or Title Agent can assist with these)
- Appraisal Fee
- Recording Fee
- Property Taxes (Prorations, etc.)
- Local Transfer Taxes (Typical a state tax)
- Local Revenue Stamps (Sometimes a state or local municipality fee)
- Advertising/Marketing Fees
