7 Hidden Costs to Know About While Selling Your Property

You consider all the costs involved while buying a house – affordable house, best offer on house loan, agent's commission and so on. Did you know that not only buying a property has a hidden cost, but also selling a property too? These hidden costs increase the quoted price of the property. If you are planning to sell your property, be aware of these seven hidden costs that you may come across if you do not want to shell out money from your pocket:

Foreclosure charges

If you are still paying the home loan, you will have to pay the foreclosure charges to the bank while pre-repaying the loan amount.

It's liable to tax

In India, selling a property is liable to pay tax on the profit made. If you are planning to sell your house within three years of buying, you are legally responsible for paying short-term capital gain tax (STCG). This means that the profit made from the sale will be included in the income

Real estate commission

elling a property process becomes much smoother when you hire an agent. The agent's responsibility comprises fetching right price for the property, showing around the property to home buyers and helping out the overall selling process. Hiring an agent means shelling out money to pay.

Transaction charges

While buying a house, you pay transaction charges. Similarly, when you sell a property you are liable to pay transaction charges which are usually distributed between the buyer and the seller.

Staging and repair costs

ace value is essential. When a potential buyer visits your house, the buyer would expect that, at the minimum, everything in the property is functional. Besides, you would like to put on a display an excellent piece of work.

Decluttering of property

You cannot sell a house without decluttering the place which may have been occupied for years. While decluttering, you may find several things that need to be dumped. So, you would need a carriage to dump these unwanted things. So, be prepared for this additional cost.

Moving out

If you are planning to sell the property where you live, it's time for you to pack and move out of the house so that the property can be arranged for sale. Years of stuff in the house would need a helping hand to pack and move. Therefore, you need to hire a packers and movers team for this.

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