Where does the other 8-10% go?
➡️ Real Estate Agent Commission Fees: 5% – 6%
➡️ Seller Concessions: 1.5% – 2%
➡️ Closing Costs: 1% – 3%
➡️ Capital Gains Tax: Varies
The capital gains tax is a tax on the profit you make from selling an asset, including real estate. If you sell the home less than a year after moving in, you’ll pay this tax on the home sale.
➡️ Home Repairs: Varies
Most home buyers order a home inspection to check the property’s condition before signing on the dotted line. They may ask you to cover repairs if the report comes back unsatisfactory.
➡️ Moving Costs: Varies
Moving costs depend on how far you’re moving, how much stuff you’re taking with you and whether you’re hiring professional movers.
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