Published: June 1, 2021
Choosing to sell your home is a substantial financial decision. For most people, it represents the most significant financial transfer in their lifetimes. But here’s what catches many sellers off guard: the price you sell your home for isn’t the amount you’ll deposit into your bank account.
There are hidden costs associated with selling your home, and it’s essential to be aware of them before listing. Let’s break down what you’ll actually pay when selling your Virginia home.
Real Estate Agent Commissions: The Biggest Expense
You probably figured you’d pay your agent’s commission. However, did you know that sellers typically cover the buyer’s agent commission as well? In total, you can generally expect to pay 5-6% of your home’s listing price to real estate agents.
On a $400,000 home, that’s $20,000-$24,000 in commission fees alone.
Money-Saving Tips for Agent Commissions:
Negotiate with your listing agent. For instance, RENOMAX offers 0% listing commissions when you use the RENOMAX Program. Other agents might lower their commission if you use them to buy your next home as well.
Take on some work yourself. Any listing work you’re willing to handle (such as photography or open houses) is work for which the listing agent shouldn’t charge a full commission.
Shop around. While listing commissions are generally standard, consider speaking with several agents to see if any offer better rates or value-added packages.
Pre-Sale Repairs: Fixing What Needs Attention
Your home will almost certainly need repairs before listing. Minor issues can deter interested buyers, and major problems will prevent prospective buyers from even visiting your property.
As a homeowner, we don’t need to tell you these repairs can be expensive. Everything from leaky faucets to roof damage adds up quickly.
Money-Saving Tips for Pre-Sale Repairs:
Plan. Here’s a great tip if you’re not selling immediately: fix issues as they arise, and budget at least 1% of your home’s value for annual repairs. An ounce of prevention is worth a pound of cure.
Bundle your repairs. Getting one contracting company to handle all your repairs can save money overall compared to hiring multiple specialists.
DIY when appropriate. First and foremost, we do not recommend DIY solutions for plumbing, HVAC, and electrical problems. However, for many other fixes, a bit of time on YouTube and a willingness to get your hands dirty can save you money.
Use the RENOMAX Program. We handle all pre-sale repairs and renovations with zero out-of-pocket costs until the closing date. You don’t pay a dime until your home sells.
Home Improvements: Strategic Updates That Pay Off
The majority of homeowners undertake medium to large-scale renovations before selling. Generally, sellers are trying to fetch a higher listing price, sell their home faster, or simply compete with other homes in the neighborhood.
This approach worksâbut it can be costly if you don’t choose the right improvements.
Money-Saving Tips for Home Improvements:
Do your research. Not every home improvement has a great ROI. In fact, many actually lose money. Check out our detailed guide on which renovations increase home value before planning any major renovations. Strategic improvements like kitchen updates, bathroom remodels, and fresh paint typically offer the best returns.
Focus on curb appeal. Hardscaping, landscaping, and exterior improvements have fantastic ROI. First impressions matter, and buyers form opinions before they even walk through your door.
Skip custom interior work. Buyers want a blank slate when purchasing a home. They want to create their dream home, not live in yours. Neutral, move-in ready is the goal.
Partner with RENOMAX. We specialize in high-ROI renovations that appeal to today’s buyers. Our expertise means you get the improvements that matter mostâwithout upfront costs. Learn more about our zero-cost renovation program.
Staging Costs: Making Your Home Show-Ready
Nothing is more polarizing in home selling than staging. Some people think fully furnished, lived-in displays in every room are mandatory. Others swear that an empty canvas allows buyers to use their imagination.
Money-Saving Tips for Home Staging:
Use a hybrid approach. Stage only the most important rooms: the living room and kitchen. Leave the rest to the buyers’ imagination.
Less is more. Good staging emphasizes the space and angles of your home’s interior. A minimalistic approach saves money while showcasing your home’s best features.
Keep it neutral. You may love bold colors, but adorning every surface with them will drive buyers awayâneutral tones throughout the home appeal to the broadest audience.
When in doubt, opt for a deep clean and declutter. Sometimes, the best staging is simply a spotless, empty home that allows buyers to envision their own furniture and style.
Closing Costs: The Final Expense
When you think of closing costs, you probably think of the costs that buyers pay. However, sellers also have closing costsâincluding property taxes, attorney fees, title insurance, and transfer taxes.
Money-Saving Tips for Closing Costs:
Negotiate with the buyer. It’s often a seller’s market in Virginia, and you have leverage with prospective buyers on these fees. You could ask someone who came in lower on price to cover some of your closing costs instead.
Shop around for services. Your agent likely has professionals they recommend, but you’re not required to use them. Feel free to compare prices for attorneys, title companies, and other services.
How RENOMAX Eliminates These Hidden Costs
At RENOMAX, we’ve created a program that dramatically reduces or eliminates many of these hidden expenses:
â 0% listing commission when you use our program
â Zero upfront costs for all repairs and renovations
â Professional project management included
â Strategic improvements focused on maximum ROI
â You only pay at closing from your increased proceeds
Our clients enjoy an average of $53,090.95 in additional cash at closing compared to selling as-isâeven after accounting for all renovation costs.
Ready to Maximize Your Home Sale?
Don’t let hidden costs eat away at your home sale profits. RENOMAX helps homeowners throughout Virginia navigate every expense while maximizing their final proceeds.
Serving All of Virginia
We proudly serve homeowners in:
- Richmond and surrounding areas (Henrico County, Chesterfield County, Hanover County)
- Fredericksburg and the Central Virginia region (Caroline County, King George County, Spotsylvania County, Stafford County)
- Northern Virginia (Prince William County, Fauquier County, Culpeper County)
- And surrounding communities throughout Virginia
No matter where you’re located in Virginia, we bring the same expert service and zero-upfront-cost approach to maximize your home sale.
Get your free home value assessment today:
- Call us at (540) 737-5617)
- Request your free assessment online
We’ll show you what your home could sell for with strategic renovationsâand how much you’ll actually walk away with at closing.
Related Resources
Want to learn more about maximizing your home sale? Check out these helpful articles:
- June Home Selling Trends in Virginia
- The RENOMAX Program: How It Works
- High-ROI Pre-Selling Renovations
Frequently Asked Questions
Most Virginia sellers pay 8-10% of their home’s sale price in combined costs, including agent commissions, repairs, improvements, and closing costs.
In traditional sales, the seller typically covers both agents’ commissions. With RENOMAX’s program, we offer 0% listing commission, significantly reducing this expense.
Yes, when done strategically. Our data shows that the right renovations can increase your sale price by 10-15%, far exceeding the cost of improvements. The key is focusing on high-ROI projects.-sale renovations worth the cost?
Not budgeting for them at all. Many sellers assume they’ll receive their full sale price, then are shocked at closing when they see the actual net proceeds.
We cover all renovation costs upfront and manage the entire project from start to finish. You only pay us back at closing from the increased sale proceeds of your home. There’s no risk to you. Discover how our program operates.
We serve homeowners throughout Virginia, including Richmond, Fredericksburg, Northern Virginia (Prince William County), and surrounding counties. Contact us to confirm service in your specific area.
About RENOMAX Real Estate
RENOMAX Real Estate is a licensed Virginia Class A Contractor and Real Estate Brokerage serving Fredericksburg, Richmond, Northern Virginia, and surrounding areas. We specialize in maximizing home sale profits through strategic pre-selling renovations with no upfront costs.
Contact Us:
- Phone: (540) 737-5617
- Email: info@renomaxva.com
- Address: 24 Synan Rd Suite 117, Fredericksburg, VA 22405
Renovate. List. Sell. For More!
