It’s a good time to get familiar with the basic costs involved when you sell your Boston condo. Many Boston condo owners have just put their properties on the market, and many more will follow suit between now and mid-summer. Having a solid grip on what it will cost you to sell is important as you plan your move.
Here are the primary costs you can expect when you sell your home:
1. Broker commissions. The seller agrees to pay broker commissions, which are typically 3-5% of the sale price. The total amount is split between the listing and buyer broker, with the agents getting paid according to whatever split they’ve arranged with their company. So the commission is divided, ultimately, four ways.
2. Transfer tax. The city and county transfer tax rate is $6.80 per thousand dollars for properties of up to $1M, and $7.50 per thousand dollars for homes that sell between $1M-$5M.
3. Reports and inspections. It is customary for the seller to provide a building permit history ($160) and natural hazard report ($125). Sellers also need to have a water/energy conservation inspection, and have any compliance work done by close of escrow. This cost can range up to $1800, depending on what you need done. (It’s usually a lot less than that for a condo.) You may also want to include general contractor ($750 average price) and termite ($500-$700) reports, which give buyers a heads up on big-ticket items that may end up being negotiable during escrow.
4. Prep work and staging. If you’ve been living in the property a while, you’ll probably want to consider painting, doing minor repairs, floor refinishing/carpet replacement, yard clean-up, staging, move-out cleaning and staging. Depending on the size of your home and what needs to be done, costs vary. I have a team in place for these activities and personally coordinate getting estimates and having the work done.
I’m currently in the process of signing up listings and coordinating marketing schedules, and would be happy to talk with you about bringing your home on the market this Spring or summer. We can work through all the details and pave a surprisingly quick and easy path to coming on the market and closing your sale. Just contact me at 617-595-3712 or at email@example.com
Contact me to set up an appointment to start your Boston condo buying process
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For more information please contact one of our on-call agents at 617-595-3712.