How much does it cost to sell a house fast in Virginia ? Well that’s what we’re talking about today and we are starting right now. If you’re looking to buy, fix and flip a home or really need cash for home in Virginia, then this is the post for you.
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So how much does it cost to sell a house fast in Virginia?
Assuming that you are going to hire areal estate agent these are the typical expenses that you’re going to incur in Virginia.
#1: you’re going to pay the commission to the real estate agents involved in the transaction.
You hire an agent and you agree to pay them X percentage of the sales price of the house.
So, you’ve decided to sell your home. Like any home seller, you want to get top dollar. You’ve seen those TV shows where property owners spend thousands on home staging. What do you do if you don't have thousands of dollars in your budget? You'd be surprised by our options. There are several steps you can take to make your home more attractive to potential home buyers without spending a lot of money.
Following are 10 budget-friendly ways to stage your home for sale.
1. Curb Appeal
First impressions make all the difference and that’s why it's so important that your home projects curb appeal. Go all out with small DIY tasks like trimming the bushes, cutting the grass, getting rid of debris and planting flowers. If applicable, replace an old mailbox with a new one, spray down the house if it looks dirty and paint or replace the front door. Do whatever it takes to make your home look great as potential home buyers drive by.
One of the most important aspects of a home for prospective buyers is the available space and the floor plan. That's why it's so important to make a home look as appealing and neutral as possible. Start by removing clutter, including an overload of knickknacks, personal photos, etc. Decluttering your home will create space, and that’s what home buyers look for. Eliminating clutter really makes a home look bigger and even newer.
If your rooms look crowded, consider moving bigger or less attractive pieces of furniture into storage. Also, make sure there's nothing obscuring buyers’ eyes from important focal points, like beautiful views or fireplaces. Home buyers often get hung up on the negatives and a cluttered home can make them pass on the property.
3. Thoroughly Clean
Wipe away cobwebs, wash the windows, scrub the grout, etc. You should also have furniture upholstery cleaned because it adds to the overall impression you’re trying to present. Clean or replace cabinet hardware and light fixtures if necessary. None of these tasks are expensive undertakings, but they can make a big difference. If you don’t have the time to do it yourself, hiring a professional cleaning service.
While painting is inexpensive in comparison to other improvements, a fresh coat makes a significant impact. That said, it's best to stick with trending neutral colors. You can even paint dated kitchen cabinets to give the kitchen a fresh, new look. If necessary, invest in having your home painted inside and out - it will pay off in the long run. If the walls actually look good, painting the trim or doing a little touching up here and there may be enough. Paint over bright, outdated colors with a neutral color (you can never go wrong with cream, brown or white).
5. Pay Attention to Details
As they say, "the devil is in the details”. Simple steps like cleaning or replacing cabinet hardware or light fixtures can make a huge difference in how the home is presented. A few accent pillows placed on the couch, a fresh floral arrangement on the coffee table, and a matching set of fresh, new towels in the bathroom add visual appeal as well.
6. Carpet Cleaning
Carpeting can show more damage than just about anything else in the home. If you have carpeting in your home, chances are it could present a problem. If the carpets are in fairly good shape, you can probably get away with just having it deep cleaned by a professional carpet cleaning company.
7. Wood Flooring
If you have wood floors, it will pay off to make sure they're clean and in good condition. If not, consider having them refinished. If cleaning doesn’t restore them, you may need to have them replaced. This can be pricey, but replacing the flooring will raise your home’s value.
It can't be stressed enough how critical it is present potential home buyers with a sparkling clean, clutter-free kitchen. Purge and neatly arrange your cupboards and drawers. Accessorize with things that make sense in the kitchen. Next, scrub down everything, including the drawers and cabinets. Clean your stove and oven until they shine. Polish up stainless appliances, removing fingerprints. Make sure to toss out smelly garbage to that there aren't lingering odors.
Thoroughly clean fixtures, shower doors, and tubs. Buy new replaceable parts that can't be cleaned well enough to be presentable. If the bathtub is stained, consider refinishing it. If the bathroom is small, a light paint color will make the room look bigger. Also, keep in mind that the bathroom wall color doesn't need to be the same as other areas of your home.
10. Tile and Grout Cleaning
Tile and grout cleaning can go a long way when it comes to increasing the appeal of a home. Cleaning tiles and grout can bring it back to "like new" condition, restoring their original shine.
There’s no set rule of thumb regarding how much you'll need to spend to get your home ready to sell because every home is different. Nevertheless, investing a few thousand dollars can increase the sale price by significantly more than that. It will also help make it possible for your home to sell a lot faster. Bottom line, anything that you can afford to do is going to be beneficial.
When the buyer comes along if they are represented by a different agent your agent pays that person.
Now I’ve done a whole other video about where the commission goes.
If you’re interested click that but just know that we do not keep the whole thing ourselves.
We are splitting it with the other agent, we are splitting it with our brokerage, we are paying all of the marketing expenses, so don’t go thinking that we’re all millionaires because that’s not really how it works.
#2: you will have to pay the property taxes for the time that you lived in the house.
After the property changes hands the buyer will pay that.
If you’ve already paid your property taxes for the whole year then from the date of your closing to the end of the fiscal year you’re going to actually get are bate because you’ve already paid those property taxes and the buyers should be paying them.
So you’ll get money back.
In the Georgia market it’s very common that buyers ask you to pay their closing costs or at least a portion of it.
We have a lot of first-time buyers and nobody puts 20% down any more.
I mean people don’t have $100,000 just sitting in the bank waiting to buy a house as a general rule, so they may ask you, “Hey can you chip in $3,000 towards my closing costs?” They will probably also ask you for either a home warranty, a termite bond, or both.
As you know living in Georgia there are two types of houses -those that have termites and those that don’t have termites yet.
So we typically like to have some sort of pest control plan on our homes so that that doesn’t happen.
When the buyer comes along they’ll say, “Hey, I want you to transfer that termite bond to me so that I can live in a house for the first year and not worry that the house has termites or is going to have termites very soon.
“Now let’s say the buyer moves in and the first Thanksgiving that they have all their family come to visit the stove breaks.
Yes, this actually happened to one of my clients.
The home warranty company comes and if they can’t repair the stove they buy them a new stove.
So it’s a great thing for the buyer to make sure that they’re not going to have any unforeseen major expenses the first year that they live in the house.
A home warranty is typically somewhere around$500.
Now if you decide to sell your house for sale by owner you will not be paying the real estate agents commission.
Instead you’re going to be paying for all of the marketing of your home.
Just a for sale by owner sign in your front yard is probably not going to get the job done.
The people that buy for sale by owners are looking for a great deal so they’re gonna come and offer you far less than the actual market value of your house as a typical rule.
You’re going to be paying for the photographer, for the video, for the drone photography, for all advertising, you’re gonna have to put a nice sign in the yard, you’re going to have to show the property every time somebody calls you to make an appointment.
So the money that you save in the commission you’re going to be incurring a lot of additional costs in marketing and in time, where it’s going to be all on you.
You don’t have an agent who’s doing all this stuff for you.
So now you know how much it costs to sell a house but do you know what your home is valued at? Do you know what your market value is?
Because half the time your neighbor might tell you, “Oh we sold it for300,000!” But they actually sold it for $289,000.
I’m just saying sometimes people have the tendency to exaggerate just a little bit.
So if you’d like to find out what your home is worth because you’re thinking of selling in the next six months or so, click this link.
We would be happy to do a free no-obligation home valuation analysis for you so that you can really sit down and say, “Okay, if I sold how much money could I expect to make?” Because that’s a big factor in deciding is now the right time to sell or should I wait a year or two? Thank you so much for watching and I will see you on the next one.
Can I Sell My Home as is in Virginia ?
This is a very common situation, these days; and it will become an epidemic.
There are millions of adjustable rate and Option Adjustable rate mortgages that will be "resetting" to a normal interest rate as their "teaser rates" expire over the next couple of years.
This will put severe financial pressure on families who were able to buy their homes only because of those artificially low payments in the first place.
Many will be unable to refinance or even sell their homes because of the looming glut of homes on the market and the stalling of price appreciation.
Many of these people have little or even negative equity in their homes, which compounds their difficulties as realtors will not list their homes, as they see no way the home owner can pay their commissions.
These people also have little to no flexibility to reduce the price of their properties because the mortgage payoff and the closing costs will require them to bring cash to the closing to buy their way out of their homes.
Also, these homeowners will have a diminished fervor to stick it out through the hard times just around the corner if they have no equity, abandoning their homes and adding to the greater problem.
The ultimate nightmare is for people in this situation to be forced to sell their homes for financial reasons. They are headed straight to financial ruin; bankruptcy, foreclosure or both.
Selling a house is a Marketing problem. If I recall from Marketing 101, a product will be successfully sold when you position it as the most competitive product in front of the largest possible market. Painting the porch is not going to make your house the most competitive; everyone else is painting their porch too.
What if you could offer your house for sale and the buyer did not have to qualify for a new mortgage, do you think that would make your house stand out from the rest of the competition? This one change would also double or triple the size of your potential market of buyers. There is a "shadow market" of people who would love to buy a house like yours only they will not or cannot go through the "inquisition" of being qualified for a bank mortgage. These people include small business owners, self employed professionals, including real estate investors; foreigners and, yes, those with stinky credit!
They have the cash to put down and the ability to carry the payments, they just don't want to hassle getting a mortgage and they will be very grateful to be given the chance to buy a property with no bank involvement. How grateful? We have found that they will jump at the opportunity, pay 15-30% more than the appraised price of the property and will also pay a higher monthly payment as well, which can spell P R O F I T in addition to a quick sale at or above market value. There is only one way that will allow you to sell your home without paying off the mortgage and that is with a properly structured land trust. The trust will prevent the bank from foreclosing on your mortgage for violating the due on sale clause.
An added bonus is that when you sell the property in a land trust, there is no tax due on the gain; especially important if it is an investment property or a residence that has appreciated beyond the statutory exclusion of $250 or $500,000. Now, you can sell your property quickly, take a nice down payment, receive hassle free monthly payments; in excess of your mortgage payments for years and possibly another lump of cash when the buyer sells the property or refinances your mortgage. I say, "hassle free" payments because you will have no tenant, toilet or trash responsibilities to the new buyer. You don't call the bank that holds the title to your car if your water pump fails, do you? This has been the way out for many of our clients who were trapped in their homes and can work for you as well. Discuss this option with your realtor or lawyer.
How much does it cost to sell a house in Chesapeake?
Welcome to another edition of Fridays withFred, my name is Fred Sed.
I got a call from a seller of mine that's looking to list andsell their home with us and he asked me.
Fred, do I have to pay Capital Gains or income taxeson whatever my equity is? This is the answer I have for you.
For him, it was a little bitdifferent.
But for you, it depends on what type of property you own.
If youown an investment property, you're always going to have the liability of paying incometax or Capital Gain on whatever the equity might be.
Because it's an investment property.
No matter if you own it for 6 months or 10 years, you're going to pay Capital Gains.
Now, whether or not you're going to pay it, or how much you owe on it, that depends onthe equity, the net equity.
Meaning after commissions that you pay for agents to sellthe property, repairs, appreciation of value, or whatever it might be your CPA or accountantknows and they'll tell you what taxes you actually have to pay on that net equity.
Butyou are subject to and liable for Capital Gains on any investment property in Californiano matter how long you've owned the home.
Number 2, if its the principleresidence, this is the breakdown for that.
If you own the principle residence for lessthan two years and you sell within two years of owning it, for example.
You bought it ayear ago and you're selling it today and you close tomorrow whatever it might be.
You'llalso be subject to Capital Gains and what that amount will be depends on all the factorsI talked about before in regards to what your equity is, what your cost is, acquisition,closing cost, etc.
That's for your accountant and CPA to figure out.
The second aspect ofselling your principle residence and having to pay taxes or not on the equity is the following.
If you own the property for more than 2 years, this is the cool part.
In California, as longas you're a single individual or married it's broken up into those categories.
If you'resingle, you're allowed up to $250,000 of tax free equity.
So if you've only made $150,000in equity of 4 years of owning it, you don't pay a dime in taxes or capital gains.
Butif you break that quarter million dollar mark as a single individual, you will be subjectto capital gains of whatever that amount is above a quarter million.
If you're marriedin California, you're allowed up to $500,000 in tax free equity.
Anything beyond that,you'll be subject to capital gains.
Either way, consult or talk to your CPA or your accountantin regards to "would I owe anything", "do I owe anything" prior to selling it.
That'ssome of the vendors we have access to that we give our sellers if they have any questions.
If you have any questions about your property in general, contact me 7 days a week at (949)272-0125.
For any questions regarding this topic, videos, to look at properties.
View our highly reviewedwebsite at www.
Com and tune in next week for another amazing edition ofFridays with Fred.
Why? Because that's what Fred said.
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