There are a lot of great, unusual ways to save money just in everyday life! For example, making sure your car tires are optimally inflated and regularly replacing your gas filter can save you some notable money on gas. But how can you save money on your home sale? Most Nashville home sellers are (rightly) very concerned about making as much money as possible. So I came up with some great tips on getting the most out of the experience!
01. You may be able to save some dough on your agent’s commission.
Reduction! Rebate! Discount! Sale! Who doesn’t love it when you save a little cash? And when it comes to a major purchase like buying a home, a discount can mean thousands in savings. One of the main places to find them? Your real estate agent’s commission rate: Industry standard for commissions is 6% of the home price, with 3% going to the seller’s agent and 3% to the buyer’s agent. Some agents charge more (usually for more experience, or more work in the sale) or less (they’ll do less to market your home). If you’re careful
But scoring a rate cut from your real estate agent doesn’t always come easy — after all, it means your agent takes the hit at the bank, and they have less incentive to work hard for your home sale. And it’s important to remember that most agents do incur many out-of-pocket expenses when they agree to advertise your listing. But there are a few reasons your agent may be willing to take a pay cut, leaving you with more money in your pocket (and more money for the down payment on your next home). Typically, if you want to ask for a rate cut, you’ll need to offer something in return: that you’ll pay for home staging, or other marketing-related expenses.
02. Save on Staging
If you want your home to sell for the biggest price, you should almost always re-paint and stage your home. And according to NAR statistics, great home staging can help you net between 1 and 20% ROI on your home sale. But that doesn’t mean that you need to sink a lot of money into new furniture: you might be able to find a stager willing to work with furniture and decor you already own, significantly reducing that expense.
03. Closing Adjustments
Most homeowners pre-pay for services like water, gas, internet, taxes, and trash which they’ll be out-of-pocket for at closing. But that doesn’t have to be the case! Working with your agent, you can calculate a per-diem cost and closing adjustment to add to the closing, asking the buyers to cover the cost of what you’ve paid so that they can realize those benefits, too!