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When selling a house in Illinois, it’s common to focus solely on the sale price. However, several hidden costs can significantly impact the amount you pocket after the sale. Here’s a breakdown of these potential expenses to consider:

1. Agent Fees

Sellers in Illinois are typically responsible for paying the listing and buyer’s agents commissions. On average, real estate commissions range from 5% to 6% of the home’s sale price, with the total amount split between the two agents. For instance, a $400,000 house would cost $20,000 to $24,000.

Commission rates vary by city and county in Illinois, and real estate commissions aren’t always fixed. Many agents are willing to negotiate their fees. Additionally, recent changes in industry rules mean sellers may no longer be required to cover the buyer’s agent fees. This change could potentially reduce the overall cost of selling, as it shifts the responsibility of paying the buyer’s agent fees to the buyer, thereby reducing the seller’s financial burden.

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2. Pre-Sale Home Repairs

Many homes require repairs before hitting the Illinois housing market, especially if sellers want to maximize their sale price. Buyers today often prefer move-in-ready homes. The cost of these repairs can vary widely depending on the property’s condition, but sellers typically spend around $14,163 on pre-sale repairs.

3. Home Staging

While not mandatory, staging a home—where the property is cleaned, decluttered, and decorated—can help attract buyers and even increase the selling price. On average, staging costs range from $800 to $2,800, depending on the number of rooms and how long the house stays on the market.

4. Closing Costs

Sellers usually pay between 1% and 3% of the sale price in closing costs in Illinois state, which cover expenses like attorney fees, transfer taxes, title insurance, and property taxes. A $400,000 home translates to $4,000 to $12,000.

5. Moving Expenses

Moving costs are often overlooked but can be significant. The average cost for a local move (under 100 miles) is around $7,600, while a long-distance move averages about $9,140. It’s essential to obtain accurate quotes to avoid surprises, as many people report being charged more than expected. Additionally, tips for movers and packing supplies can add to the overall cost. Renting a moving truck for a local move may cost around $130, while long-distance moves could exceed $3,000.

Other Costs for Sellers

Additional expenses may include:

Mortgage Payoff: If the mortgage balance remains, it must be paid off at closing, typically using the sale proceeds.

Capital Gains Taxes: Sellers may face taxes on any profit from the sale. However, specific exclusions exist—up to $250,000 for single filers and up to $500,000 for married couples.

Seller Concessions: These are costs the seller agrees to cover on behalf of the buyer, such as a portion of the buyer’s closing costs or a mortgage rate buydown to reduce the buyer’s interest rate. While these concessions can make your offer more attractive to buyers, they also add to your total selling costs.

Each hidden cost can add up, so it’s essential to consider them when determining your budget and sales expectations.

Are you looking for assistance with selling your home? Gardi, Haught, Fischer & Bhosale are here to help. Contact one of our real estate attorneys today to request a free consultation. You can reach us by calling 847-944-9400 or using the form below.

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