Costs to sell house should be calculated before trying to become a seller. Many factors like mortgage loan, realtor commission, repairs, maintenance, marketing and other factors contribute to a house sale. There are instances where some owners consider the task impossible after completing the calculation. The first and foremost calculation you should keep in mind is the equity the house has built and the amount needed to repay the mortgage. Once you have the figure in hand, the next step would be to look for similar sale in your locality and check out the market value. This will give you an idea as to how much you can expect from your property in an open market. Now it is time to check the total home loan. While disposing a property the mortgage payment should be cleared. Talk to the bank authorities and check if they charge any fee for pre-closure of mortgage loans. Some banks charge a penalty for early clearance of loans. It is imperative to check early clearance rules and get it in writing too. Home equity loans and other liens also should be cleared during closing the mortgage loan.

Another major cost incurred by most of the sellers is realtor commission. This is the biggest expense which constitutes 5% to 7% of your sale price. Therefore, it is vital to check with different real estate agents for the commission rates and come to a conclusion. The best way to do this is on internet. There are number of real estate portals that offer these services and you can check out the rates from their websites. You can select the lowest commission rates possible without compromising on services. There are also real estate websites that allow the seller to market their property and the charges are very nominal. Though, this approach may not be suitable for all sellers, people who have the time and capability can try this option and save money in the process.

Next in line after the broker’s commission is the closing cost in the house sale. The most expensive of the closing costs is the title insurance. They can vary between $1000 to $1500 depending upon the locality of the property and the cost of the house. Other costs involve property tax, documentation fee and not to forget the lawyer’s fee. These costs will tend to change and therefore it is best to get an estimate just a few days before the deal is completed. Repair cost should not be forgotten by the seller. This also needs to be calculated in the costs to sell house. Home inspection cost also should be added to the list along with home warranty fees. All these costs are negotiable and are subject to change. This can be increased or decreased depending upon the bargaining skills of the buyer. Finally the seller has to leave the sold property and move to a new property, the transportation cost also should be included in the costs to sell house.