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10 Costs Associated with Selling Your Home
Selling a home is an exciting time for homeowners. Once you and your household have decided that you’ll hit the market, it’s easy to think solely about the revenue that comes with the sale. However, selling a home comes with its own set of costs. Knowing what these costs are will help you budget throughout the selling process. Here are ten most of the most common costs that come with selling a home.
1. Commission Fees
Of all the expenses that come with the sale of a home, agent commission fees are usually the largest and for good reason. Real estate agents are professionals, wielding their industry knowledge and local expertise to get the job done and save countless hours of work for the homeowner. The commission is split by the agents representing both buyer and seller
2. Pre-sale Home Inspection
Pre-sale home inspections are not mandatory; however, if a seller does not conduct one, it could lead to major costs down the road. The inspection allows the seller to find any issues with the home and properly disclose them to the buyer. If the buyer’s home inspector finds repairs that need to be made, they can ask the seller for a price reduction or require that they be fixed in order for the sale to go through.
3. Home Repairs
There are varying degrees of home repairs that can increase the value of your home. Cosmetic fixes like improving your landscaping will do wonders for your curb appeal. Painting and decluttering help to present the home in the best light for buyers. Larger projects like replacing appliances, roofing, plumbing, and full-scale upgrades are a more significant investment but can increase your home’s value.
4. Staging Costs
During the selling process, it pays to put effort into the presentation of your home. Staging helps buyers to visualize living in the home. Professional stagers will enhance your home’s qualities while minimizing its deficiencies. Their cost will depend on the level of staging your home requires.
5. Utilities
In the interim period between when you move out and the buyers move in, you’ll want to continue paying utilities. Without running water, electricity, and heat, your home could be difficult to show to buyers.
6. Remaining Mortgage
Another cost of selling your home is the remaining loan balance on your mortgage. If you have been steadily paying your mortgage, your home sale will greatly aid in paying back the remaining amount, if not cover it completely.
7. Escrow Fees
In a home sale, there’s always the question: Who handles the cash? That’s where escrow comes in. It’s common for buyers and sellers to split the cost of escrow services. Be mindful of additional costs during escrow such as transfer fees and notary services.
8. Capital Gains Tax
The capital gains tax is assessed by taking the difference between what you paid for your house and what you sold it for. There are common exclusions for the tax, but there are situations where the exclusions may not apply. For example, if the home was not your primary residence, you could end up paying taxes on the whole gain. Talk to your Windermere agent for more information.
9. Property Tax
If your home sale takes place after you’ve paid taxes for the year, you may get a rebate at closing. In this case, the buyer reimburses the seller for the applicable taxes paid. Otherwise, the seller should pay the prorated share of property tax until the sale closes, placing the money in escrow.
10. Moving costs
Finally, the home sale is final, and you’re ready to move. Whether you’re moving locally or across the country, moving costs can add up quickly. Moving as many of your items yourself can save money, but for larger, more difficult to transport items, you’ll likely need to incur the cost of hiring professional movers to ensure your items arrive at your new home safely.
These are just some of the costs associated with selling your home. Each home sale is different, and the costs vary accordingly. Knowing what you can expect to spend throughout the selling process will help you budget accordingly. For more information on the costs in the selling process and how to sell your home, connect with an experienced Windermere agent today.
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Buying with Your Pets in Mind
For many of us, pets play a central role in our home life, so taking into account what is best for them when buying a home is important for both their happiness and that of your entire household.
What is Italianate Architecture?
Italianate architecture has roots in Italy’s countryside villas, palaces, and overall romantic building aesthetic. Those ancient buildings inspired a new wave of home design that borrowed from the classic concepts found throughout a country beloved for its classic details and charm. Let’s dive into this special version of Mediterranean design to learn what makes it so appealing.
History of Italianate Architecture
Emerging in the early 1800s as part of a classic architecture movement of the time, the Italianate architectural style was inspired by Italy’s awesome and inspiring classic buildings. The goal in creating this style of home design was to share the grand and charming characteristics of Italian architecture with the world. Closely associated with the Victorian period, Italianate architecture gained popularity in Europe and the U.S. during the 19th century.
Italianate architecture detached house | Image Source: Getty Images | Image Source: tomch
What is Italianate architecture?
For those who dream of taking a vacation to an Italian villa or countryside estate, this architectural style is for you. Square and symmetrical, homes built in this style are typically constructed from brick, stone, or stucco with well-constructed masonry walls. Common features of these distinct homes include tile flooring, columned entryways, and rounded windows.
Italianate houses typically have low-pitched roofs or a belvedere to capture views and emphasize verticality. The windows are a focal point of Italianate home exteriors. Tall and narrow, they are decorated with elaborate crown molding or hoods, evoking the grandeur of palatial Italian buildings. The Italianate style comes in many shapes and sizes, from townhouses and row houses to countryside estates and mansions.
Italianate architecture row house in Trieste, Italy | Image Source: Getty Images | Image Source: Leonid Andronov
High ROI Upgrades for Equestrian Properties
For equestrian homeowners who are thinking about selling, there’s a long list of to-dos to get to. Not only do you need to spruce up the home itself, but your surrounding property should be in prime condition as well. To maximize your return on investment and drive buyer interest, consider making strategic upgrades that enhance both your home and your land. Improvements like these will add value to your home and cater to the equestrian enthusiasts.
Boost Equestrian Property Value
Equestrian Facilities
What truly matters to equestrian buyers? Their horses. Knowing that their horses have access to high-quality facilities will be the key to attracting serious buyers. Focus your upgrading efforts on the stables and barns. Proper ventilation, spacious stalls, and easy access to the surrounding pastures on the property.
Buyers also want to know that their horses will be safe, so secure fencing is a must. Consider investing in durable fencing materials like vinyl, wood, or pipe fencing depending on the area that needs fixing and/or upgrading. Make sure all paddocks are fenced off appropriately. This is certainly a factor equestrian buyers will consider as they compare your property to other listings.
Depending on what discipline you’ve trained on your property, your riding arena will have different footing. Talk to an equestrian real estate specialist about best practices for upgrading and cleaning up your arena as you prepare to sell, they’ll be aware of any recent buyer trends and patterns you might want to lean into. What’s most important is that your riding arena look professional and clean, ready for buyers who are looking to train or compete.
Image Source: Getty Images – Image Credit: JamesBrey
Equestrian Property Value: Landscaping
Maintaining an equestrian property is more time consuming than caring for a typical single-family home, but as you prepare to sell, your land maintenance will kick into high gear. Well-kept landscaping will not only increase your home value, but it will also provide a safe environment for the eventual buyer’s horses. This is especially important if your property has scenic trails; landscaping features like these are a selling point and should be treated with care accordingly.
Home Improvements
The typical high ROI remodeling projects like upgrading your bathrooms, bedrooms, and kitchen apply for equestrian homeowners as well, but there are certain equestrian-specific upgrades that will apply uniquely to home buyers with horses. A remodeled mudroom or tack room will help you differentiate your listing, as will sustainable upgrades like solar panels or renewable energy capabilities throughout the property. Sustainability continues to grow in importance for homeowners of all types, equestrian included. Now more than ever buyers are mindful of ways they can sustainably manage their property. If you invest in eco-friendly improvements, your property could appeal to a wider pool of buyers.
By making upgrades like these, you’ll present your equestrian property in the best light, and you’ll significantly increase your chances of engaging buyers who are willing to pay a premium. For more information on how to prepare your property for sale, connect with an experienced equestrian advisor:
Multigenerational Home Buying Guide
For any family looking forward to multigenerational living, there’s much to consider when trying to find the right property. Whether you’re planning to welcome your parents or grandparents, provide a comfortable space for adult children, or simply want to create a home that accommodates your extended family, finding the right place takes time. Let’s take a look at some of the key factors that play a role in your home search.
Multigenerational Home Buying
Prioritize Location
Just as with any real estate purchase, location is vital to finding the right home for your extended family. For your young ones, you might consider the nearby schools. For the older folks in your home, you’ll want to know your proximity to healthcare facilities and community spaces. And for everyone under your roof, you’ll want to be close to the places that help you all enjoy life, such as parks, bodies of water, and other recreational areas.
Floor Plan
With more people living in a multigenerational home, layout can often take precedence over aesthetics. Of course, you still want your next home to look the part, but fundamentally, you have a lot of foot traffic to account for and future accessibility to think about. Homes with separate living spaces are a great option for accommodating a large family. Features like a furnished basement, a mother-in-law suite, an accessory dwelling unit (ADU), or a detached guesthouse can solve a lot of problems, present and future.
Private Spaces
Along with an ideal layout, it’s important to have private spaces so each person can enjoy their time at home. Make sure there are separate bedrooms, bathrooms, and if possible, separate living areas to allow family members to make the most of their personal space while still enjoying the benefits of living together. You can either look for homes that have defined private spaces or identify the ones that are good candidates for remodeling projects that can create them.
Buying with Remodeling in Mind
Home Inspection
A thorough home inspection is a necessity. With several people living with you—some of whom may be elderly—you need to know that your home can provide for everyone for years to come. The home inspection will help you to identify any potential issues with the property and make informed decisions about how to negotiate with the seller.
When looking for properties, look at the condition of the roof, plumbing, electrical systems, and identify any potential structural concerns. Talk to your agent about the findings of the home inspection and what it means for you as you prepare to make an offer.
Home Inspection: A Reality Check from a Pro
Think About the Future
How will your needs change at home in the future? Thinking about the long term can help you narrow your home search. Maybe you’ll need additional space as your children grow up or as your parents age into their elderly years.
A home with a more flexible design and layout may be a better investment for you in the long term.
For more information on finding the right home, connect with a local, experienced Windermere agent today:
Featured Image Source: Getty Images – Image Credit: PeopleImages
How to Stay Safe at Home During a Power Outage
A stormy night with the lights out can complicate things at home. But with the right preparation, you and your household can switch gears quickly and ride out the blackout period, however long it may last. Power outages can happen unexpectedly, so taking the necessary steps to have a plan in place should be a priority. We’ll walk through some essential steps to stay safe, calm, and cozy when the lights go out.
Lighting During a Power Outage
The first thing you’ll miss during a power outage is light. Make sure you have flashlights, candles, lanterns, and plenty of batteries readily available. Check your devices to see which size batteries they require and make sure you have all the necessary sizes on hand. LED lanterns are energy-efficient and will stay lit for a long time to provide some illumination during an extended blackout.
Emergency Kit
A well-stocked emergency kit is essential during a power outage. Make sure you have a substantial supply of non-perishable food, bottled water, and an assortment of basic utensils. Along with your emergency kit, keep a first aid kit handy to ensure you’re fully prepared for a blackout-related emergency.
Staying Warm During a Power Outage
Even though the lights in your home are out, that doesn’t mean you have to be uncomfortable as you wait for them to come back on. This is especially important if the power outage occurs during the colder months of the year. Keep plenty of blankets and extra layers of clothing close by to make sure you and your family stay cozy. If you have a portable heater that you plan to use, pay attention to the manufacturer instructions to avoid possible carbon monoxide poisoning.
Home Security
Home safety and security is vital during a power outage. Make sure your home’s security system’s motion-activation is still functioning properly, and if it has a backup system, check that too. Unfortunately, some burglars may see a blackout as an opportunity to take advantage of the low-visibility conditions. Lock your windows and secure the deadbolts on your door so you and your household can wait out the power outage in peace.
Preserve Food
Try to keep your refrigerator and freezer closed as much as possible. Use your perishable food rations in your emergency kit as a first option for a meal during the power outage and stick to other non-perishable food items in your pantry. Hopefully, the power will come back on soon enough and you’ll be able to resume your normal food preparation. But if you’re constantly opening the fridge and freezer while the power’s out, your food will spoil quickly, and you could have quite a mess on your hands. 7 Tips for Cleaning Your Appliances
Staying Entertained
Who says you can’t have fun during a power outage? With all your preparations in place, a blackout presents the chance for you and your household to enjoy some electronic-free activities. Have board games, books, arts and crafts materials, and decks of cards at the ready. If you have kids, plan some fun activities ahead of time that they’ll enjoy.
For more tips on emergency planning at home, visit the Living section of our blog:
Featured Image Source: Getty Images – Image Credit: ASphotowed
Should I Tell Buyers My House is Haunted?
This time of year is full of spooky moments. If you’re selling a home that has a history of paranormal activity, it could scare buyers away, or intrigue them. Haunted houses are a great attraction for thrill seekers, but buying one is a completely different matter. There’s one central question that haunts sellers who find themselves in this situation: Do I have to disclose that my house is haunted?
Selling a Haunted House
All sellers have to provide disclosure forms to illuminate issues with the property and the home listed for sale. Regulations vary by state, with some having certain language requiring that sellers disclose material facts that could affect the value and/or desirability of the home, while others do not have these requirements and caveat emptor or “buyer beware” applies instead. So, where does paranormal activity fit in? Again, it depends on where you live, but many states do not require such disclosures.
However, there have been legal cases where buyers have sued sellers for neglecting to mention the fact that the house they purchased was haunted. In the classic 1991 case Stambovsky v. Ackley, new homeowner Jeffrey Stambovsky won a lawsuit against the seller for not disclosing the home’s haunted history. In this case, stories about the previous owner’s experiences with paranormal activity in the home had been published in Reader’s Digest and the local newspaper, establishing the home as one with a spooky reputation. Though this case had a ripple effect in the housing industry, you should still check with your agent regarding the seller disclosure laws in your local market.
Although the laws around haunted disclosures are a bit murky, if a buyer asks about the history of the home, you as the seller have a duty to be honest. State laws even vary when it comes to disclosing recent deaths in the home, but if a buyer asks you specifically about whether such an event occurred, withholding that information from them could come back to haunt you, especially during negotiations.
This time of year is full of ghostly tales, and there’s nothing more thrilling than that moment of fright we experience during a spooky story. But unfortunately, failing to disclose the fact that your house is haunted could send chills up your spine and cause the buyer to back out of the deal. As always, lean on your agent’s expertise for the best way to handle your unique situation. You never know, your haunted home may generate added interest to buyers who have an affinity for the paranormal!
For more tips on selling your home from list to closing, visit our comprehensive selling guide:
Featured Image Source: Getty Images – Image Credit: liquidfog
Windermere Offices Support Communities Through Donations & Volunteerism
Windermere Offices Donate to Local Organizations
The true essence of the Windermere Foundation’s work is to make enduring community connections . The relationship between Windermere Columbia River Gorge and SafeSpace Children’s Advocacy Center of the Gorge is a shining example of that mission. Last year, someone close to the Windermere Gorge family experienced an unfortunate and devastating situation. SafeSpace came in with open arms and resources to support all members of the family, and their care and dedication to the community struck a positive chord with Windermere Gorge owner Kim Salvesen. Feeling inspired to sing their praises, Salvesen hosted a podcast episode to help bring attention and donations to the business. She followed that up by making SafeSpace the beneficiary of her Windermere golf tournament in 2022. Sadly, Kim Salvesen passed away earlier this year. In her memory and her support of the organization, the Gorge office is donating $10,000 of Windermere Foundation funds to sponsor a room at SafeSpace’s new care facility. It will be named “The Kim Salvesen Room.”
The Windermere Coast offices in Oregon know that reading is the gateway to learning and opportunity for young children, a belief shared by local organization SMART Reading. For the past 13 years, they have supported SMART with their donations and volunteerism to help them continue to provide resources and education to local kids. This August, the offices were proud to present a $1,000 check to go toward their educational programs.
Pictured L to R: Deborah Marion, Pam Ackley, Melissa Eddy, Stacy Goodwin, Sharon Benson | Image Source: Pam Ackley
For years, the Windermere Spokane offices have hosted a socks and shoes drive for local low-income schoolchildren. Over time, the event has picked up steam and continued to grow. For the local Windermere staff, seeing the smiles on the kids’ faces when they get to pick out a brand-new pair of shoes is the best part. This year, the Spokane offices put $6,484.49 toward the drive, providing 148 kids with new socks and shoes to go into the school year. It’s fulfilling for the Windermere folks to know that these kids children will walk into their new classrooms proudly.
Pictured: Terry McKanna | Image Source: Emma Reeves
This summer, Windermere Utah continued their tradition of supporting the local Make-A-Wish Foundation. Their support goes back several years to the point where now, Make-A-Wish is an ingrained part of our Windermere community in Utah. Windermere agent Cathy Sneyd has been volunteering with Make-A-Wish for years and is passionate about helping children live the best lives possible. She started the relationship several years ago with the idea of granting the wishes of local children experiencing critical illnesses. This has become a staple of Windermere Utah’s giving. This year, they made a $5,000 donation, which is enough to fund one full wish for a child in the Make-A-Wish program.
Pictured L to R: Summer Ehrmann and Grady Kohler | Image Source: Alisa Scott
This year, Windermere Gig Harbor made a lasting connection with a local organization. The NW Furniture Bank’s mission to help restore hope, dignity, and stability in the community by recycling donated furniture makes people feel at home, a notion that the Windermere Gig Harbor folks understand well.
They transformed their office parking lot into a quick and easy one-way drive-through for friends, neighbors, and clients to donate. NW Furniture Bank parked their box trucks on-site and the Windermere team got to work unloading, loading, passing out donation receipts, and cheering visitors on. They also presented the NW Furniture Bank with a $2,000 check of Windermere Foundation funds. Jeremy Simler, Executive Director of NW Furniture Bank said that the event “far surpassed their expectations” and that they “would love to make it an annual event.”
A group of Windermere agents and staff from Gig Harbor, WA present a $2,000 check to NW Furniture Bank | Image Source: Claudia Gentzkow
Other notable contributions from throughout the network included a $5,000 donation from the Windermere Sun River office in Oregon to Neighborhood Impact, a housing assistance program based out of Bend dedicated to strengthening the Central Oregon community through homeownership opportunities, and the Camano Island office’s backpack drive that donated over $800 worth of backpacks to local schoolchildren in need.
Pictured L to R: Denise McDonald, Jerry Evans, Doug Nemo, Jill Vail, Dianna Pence | Image Source: Dianna Pence
The Salt Lake Parade of Homes brings awareness to homelessness in Utah by gathering community members from throughout the region. The Windermere Utah office was involved in this year’s parade, trading off shifts at the tiny home known as the HomeAid Collaboration Cottage. This project helped further HomeAid’s mission to build safe housing for the local homeless population by introducing visitors to their work. The cottage is one of 10 units in a planned village to provide affordable housing for those transitioning out of chronic homelessness.
Windermere Utah also recently gathered for an annual tradition: The Out of the Darkness Community Walk to Benefit the American Foundation for Suicide Prevention. This event is near and dear to the Windermere community, particularly agent Lisa Jungemann. Here’s what she had to say about this year’s effort:
“Windermere Real Estate Utah is proud to be a sponsor for the fourth year in a row. They have backed me and my team for several years. Our local chapter of the Windermere Foundation is focused on kid-related organizations in need of help, and we all know that suicide has wreaked havoc on our youth. We are very proud to be here and to step up our efforts by having our agents volunteer to help this year.”
The Utah office also donated $5,000, which will go toward bringing AFSP’s Interactive Screening Program to a college or university. The online program allows mental health services at institutions of higher education to provide a safe and confidential way for individuals to take screenings for mental health conditions and anonymously communicate with program counselors to receive support.
A group of staff from Windermere Utah at the Out of the Darkness Community Walk to Benefit the American Foundation for Suicide Prevention | Image Source: Alisa Scott
To learn more about the Windermere Foundation, visit windermerefoundation.com. To help support programs in your community, click the button below.
Featured Image Source: Alisa Scott, Windermere Utah
Is Co-Buying a Home Right For You?
For some buyers, purchasing a home independently may be out of reach. Co-buying a home is an alternative approach to homeownership where two or more individuals purchase the property together and take on a joint mortgage. Get to know the benefits and drawbacks of co-buying a home before deciding whether it’s right for you.
How Does Co-Buying Work?
Just like a traditional home purchase, lenders use the buyers’ debt-to-income ratios and credit scores to determine their mortgage eligibility and formulate the terms of their loan. The lender will use the lowest median credit score to determine whether the co-buyers qualify. Before you purchase with a co-buyer, work with a real estate attorney to flesh out the details of the agreement including the distribution of shares, the responsibility of each party for the down payment and subsequent mortgage payments, and the home’s title. There are two main options for taking title to a home with a co-buyer.
Tenancy in Common (TIC)
- When co-buyers hold a title as tenants in common, shares of the property can be divided equally or unequally. You and a co-buyer can decide to split ownership to reflect the amount invested. However, even if these amounts are unequal, no one individual may claim sole ownership of the property. If a co-buyer dies, their ownership passes along to their designated heir. With Tenancy in Common, a co-owner may sell their shares of the property at any time, without the need for approval from other co-owners.
Joint Tenancy
- Joint Tenancy—or Joint Tenancy with Right of Survivorship (JTWROS)—requires that all co-buyers hold an equal interest in the property and that they all come into ownership through the same title at the same time. If one co-owner dies, ownership passes to the other co-owner—this is known as Right of Survivorship. Unlike Tenancy in Common, co-owners must receive approval before selling any property shares.
Pros and Cons of Co-Buying
Pros of Co-Buying
For those who don’t have the buying power to purchase a home on their own, co-buying presents an opportunity to combine assets and enter the market. Since lenders will be factoring in both of your incomes, you and your co-buyer will increase your chances of being approved for a mortgage and securing a low interest rate. Both of you will build equity over time as you pay back your joint mortgage. Even after the down payment and mortgage payments, there are a handful of costs that come with being a homeowner. Co-buying allows you to split these costs, saving money on bills, utilities, maintenance costs, and the like.
Cons of Co-Buying
Co-buying a home means you are relinquishing some control over the homeownership costs. At the end of the day, you can’t control your co-buyer’s finances. If a sudden life change leaves them financially unstable, the burden will fall on your shoulders, and you’ll have to make up the difference. Similarly, your credit score could take a hit if your co-buyer is unable to make their mortgage payments, even if you’ve consistently made yours.
Before entering a co-buying agreement, it’s important that you and your co-buyer are on the same page about the terms of ownership and your expectations as joint homeowners. Working closely together will help maintain the health of your finances, and most importantly, your relationship. For more information on purchasing a home, visit the buying section on our blog:
To begin your home buying journey, connect with an experienced Windermere Real Estate agent:
Featured Image source: Getty Images – Image Credit: AntonioGuillem
