Unexpected Costs of Selling a Home in Portland
When thinking about selling a house in Portland, many homeowners have visions of money overflowing into their bank account. After all, Portland is a popular place to live and housing prices have been on the rise the last few years. It makes sense that someone selling a home in this area would make a nice profit, right?
The truth is, selling a home costs money, too. More often than not, it costs you a lot more than you’d expect.
In this article, we’re uncovering the most common unexpected costs of selling a home in Portland. As you think about selling your home, make sure you consider these expenses and head into the process fully informed and prepared.
| Service | Average Cost |
|---|---|
| New Roof | $10,000 |
| Other Home Repairs & Renovations (new floors, paint, landscaping, windows, etc.) | $10,000 |
| Home Staging | $1,800 |
| Professional Photography | $300 |
| Closing Costs | $6,000 |
| Real Estate Agent Commission | $18,000 |
| TOTAL AVERAGE COST OF SELLING A HOME | $46,100 |
1. Renovations & Repairs
The first big expense you need to consider when selling your home is the amount of work that needs to be done to get the property ready for market. Most buyers expect at the bare minimum:
- Fresh coat of paint
- Clean windows
- New carpet
However, if your home is outdated or hasn’t been well-maintained, you may have a lot more work on your hands.
Making renovations and repairs is expensive. Consider the cost of replacing a roof. Here in Oregon, a tile roof installation costs an average of $1,077.38 per 100 square feet. That’s a major expense, even for a smaller home.
Rather than spend the time and money making big repairs, many sellers opt to reduce their asking price. While simply lowering the listing price isn’t an out-of-pocket expense, it does mean that much less money in the bank when you finally sell the home.
Keep in mind that the hassle of making repairs is often reflected in a potential buyer’s offer price. Even if a roof repair costs $10,000, a buyer will likely offer a price that’s $15,000+ less than your asking price.
Portland buyers are looking for a move-in ready home.
2. Landscaping
For homes that need considerable work, the best ways to avoid the hassle of repairs and landscaping and get the most money for your home is to work with a real estate investor.
At Columbia Redevelopment, we buy homes in any condition. No repairs, inspections, or improvements needed.
Don’t focus all your attention on the interior of your house and forget its curb appeal.
The term “curb appeal” refers to how nice your home looks to someone driving by or standing on the street curb. This first impression really matters. In fact, when it comes to the real estate industry, a home’s curb appeal has long been the single most important piece of the home sale puzzle.
As you prepare to sell your home, you’ll want to give some extra time and attention to the landscaping around your home. This could include:
- Pulling weeds
- Trimming bushes and trees
- Growing grass
- Spreading mulch
- Planting flowers
Your curb appeal also includes the exterior of your home. We already discussed your roof, but you should also pay attention to your siding, painting, and windows. Remember, a well-dressed house not only catches the attention of buyers, it also leads to getting the offer you need.
For homes that need considerable work, the best ways to avoid the hassle of repairs and landscaping and get the most money for your home is to work with a real estate investor.
At Columbia Redevelopment, we buy homes in any condition. No repairs, inspections, or improvements needed.
3. Home Staging
So you’ve made repairs and improved your curb appeal. You’d think that would be enough to get your home ready to sell, but there’s still one last step for making your home open house ready: staging.
Home staging is the process of decorating and arranging the items in your home in a way that accentuates its most desirable features. This can include arranging pieces of your future (or bringing in model furniture), draping windows, and adding unique decorative elements to draw attention to certain areas of the home.
A professional home stager knows how to bring out the best in your home and make it incredibly desirable to prospective buyers. Homes that are properly staged typically sell much faster and for a higher price. In fact, 95% of staged homes sell in 11 days or less.
Staging your home before putting in on the market is important, but it’s also a cost you’ll need to factor into your selling process. Most home sellers spend an average of $1,800 to stage their home, but costs can be as high as $5,000, depending on the size of your home.
4. Professional Photography
Another expense many home sellers forget about is the cost of having their home professionally photographed.
Did you know that 42% of home buyers look online at properties for sale as the first step in the home buying process? Additionally, 89% of home buyers are looking at photos of the property to help make their decision.
This means that not only do you need to make sure your home appears on online real estate sites, but is represented well with high-quality images. Some sellers even list professional video of their home, too.
A professional real estate photographer in Oregon typically costs between $115-$300. This doesn’t include video.
5. Closing Costs
Closing costs are typically the responsibility of a buyer, however the seller is often asked to foot at least a portion of this bill. In fact, most sellers should expect to pay at least 2% (and up to 4%) of your home’s price on this expense.
Closing costs typically include:
- Outstanding property taxes
- Prorated share of water and mortgage bill
- HOA fees
- Transfer taxes
- Title insurance
6. Real Estate Agent Commission
The real estate agent commission fee is one of the largest fees that a home seller has to pay. Here in Oregon, real estate agents take around 6% commission on your home sale. This means that if you sell your house for $300,000, it could cost you $18,000 in commission fees
Some real estate agents may take a flat fee instead of a percentage, but that can often end up being higher than the percentage rate, so you’ll need to be careful.
There’s a reason why closing costs add up and real estate agents charge a hefty fee – selling a home is a lot of work!
If you’re looking for a simple, quick, and cost-saving method for selling your home, working with real estate investor is the best choice.
There’s a reason why closing costs add up and real estate agents charge a hefty fee – selling a home is a lot of work!
If you’re looking for a simple, quick, and cost-saving method for selling your home, working with real estate investor is the best choice.
Why Work With Columbia Redevelopment?
At Columbia Redevelopment, we’ve been buying and redeveloping homes in the Portland area since 2008, saving home sellers thousands of dollars in traditional selling costs. We buy houses in any condition and provide an all-cash offer with no fees. We even deposit $10,000 in-earnest money into your account when making an offer.
Whether your home needs extensive repairs, you want to quickly settle an estate, or you just need to just sell your home, Columbia Redevelopment can help. Give us a call at (503) 406-9874 to learn more.