What Should You Budget for Closing Costs as a Seller?

Greater Indianapolis Real Estate Podcast with Shawna Brooks

Buyers aren’t the only ones that have to pay closing costs. Sellers can expect to pay up to 3% of their purchase price on these costs.

Selling your home? Get a free home valuation.

Buying a home? Search the complete MLS.

We often associate the term ‘closing costs’ with buying a home. While buyers will always have closing costs, many people aren’t aware that the sellers will always have them too. These costs are there for you as a seller whether you use a Realtor or not.

Closing costs for sellers include, but are not limited to: title insurance, prorated taxes, deed and affidavit recording fees, and a home warranty. Taxes are prorated in Indiana because the state thinks it’s a great idea to pay our taxes one full year late. That’s a big chunk of the costs. You will also have to pay your final sewer bill as part of your closing costs as a seller.

“

Sellers have closing costs, too.

”

We have found lately that most of our offers come in in the evenings or on the weekends. It’s always a pain to try and contact title companies during that time to get sellers a more accurate idea of what their closing costs will be, so I suggest abiding by this rule of thumb: seller closing costs typically come out to about 3% of the sale price of the home. Budget for that amount and you won’t be left hanging out to dry in the end.

If you are thinking about selling and want to know exactly how much money you are going to walk away with, give us a call or send us an email. We would love to help out and answer any questions you may have.