When it comes to the cheapest way to sell a house in New York, you have options. You can choose to sell your house yourself or accept a cash offer, or even pay a broker for minimal advice.
Whatever you decide, the first place you need to start is with research. Otherwise, you won’t know if the offers home buyers make are appropriate for the money you’ve spent selling your house.
Research the New York Real Estate Market
The first step when it comes to selling your house in New York is research. This aspect is true whether you choose to sell your house for cash or through a realtor.
In particular, familiarizing yourself with the New York real estate market will give you a sense of:
Average house selling prices
Closing costs
These, in turn, will help you infer if the offers you receive for your house are worth considering.
It’s also worth noting that the average home price in New York will vary depending on the neighborhood. So, as you conduct your research, make sure you focus on where you live and the home prices there. It will also help if you take the time to research what local institutions add market value to your house.
These are things like:
- Schools
- Job opportunities
- Transit lines
Drawing attention to these in your listing will help you garner local interest and hopefully incite multiple offers on your home.
Know Your House Selling Fees in New York
But if you want to sell a house cheaply in New York, the other thing you have to take note of is the selling fees.
House selling costs range from routine repairs and renovations to closing costs and taxes. Also, consider that if you choose to sell your house through a realtor, you will owe them a commission fee for the successful sale.
In addition to real estate commission, your closing costs when selling a house will also include:
- New York State transfer tax
- Attorney council fees
- County recording fees
- Pick-up fees for title closure
How Much Will Repairs Cost?
How much home repairs cost depends on the type of repair you’re undertaking. That makes it hard to put a blanket figure on house repair costs.
Major repairs will always cost more than minor house repairs, which in turn cost more than cosmetic repairs.
Here are the average costs of different home repairs:
- A roof repair costs between $5,400-11,000 for a complete repair. A partial roof repair is roughly $300-2,000.
- Termites are another home repair you might struggle to treat yourself. The cost of getting a professional team to deal with them is approximately $535. Extensive damage may cost closer to $8,000.
- Water damage repairs average $3,046.
Moreover, since the pandemic, the costs to repair a house in New York have gone up. So, if you’re hoping to carry out house repairs before selling, don’t hesitate.
How Much Will Renovations Cost?
Renovation costs similarly vary depending on:
- Materials used
- House size
- Gutted versus non-gutted renovations
A gutted renovation averages roughly $100-200 per square foot, while a non-gutted renovation is more minor.
The difference between a gutted and non-gutted renovation has to do with whether or not you have your walls and floors redone. Typically, a gutted renovation re-does the walls and floor in addition to the rest of the rooms under renovation.
A non-gutted renovation prioritizes things like:
- Refinishing floors
- New appliances
If you want to sell a house cheaply in New York, then opting for a non-gutted renovation where possible will help save you money.
Cheapest Ways to Sell a House in New York
There are several ways to sell a house in New York inexpensively. These include:
- Selling by owner
- Flat fee multiple listing sites
- Accepting cash offers
Selling by Owner
Selling by owner is one of the cheapest ways to sell your home. It removes the need for a realtor. It also lets you control all aspects of your house sale, from marketing to asking price. Since you won’t have to wait around for realtors to photograph your home or upload those photos to social media, selling your house this way can be faster as well as cheaper.
Flat Fee Multiple Listing Sites (MLS)
The advantage of a real estate agent when selling your house is that they have access to multiple listing sites or MLS. These give the house you’re selling a lot of traction and visibility quickly.
If you don’t want to incur the cost of a realtor, this is another of the cheapest ways to sell your home in New York. Look for MLS that allows you to pay a flat fee and post your listing yourself. While you’ll still spend money, it will be significantly less than the commission you pay a realtor.
Accepting Cash Offers
Finally, a cash buyer will enable you to sell your house quickly and avoid things like:
- Foreclosure
- Bankruptcy
Cash home buyers can work with you as opposed to a realtor, and since there’s no need to wait on lending agreements, you will receive the money for the house sale faster than if you’d gone through traditional channels.
Selling to a cash home buyer can also be one of the cheapest ways to sell a house, especially if the cash home buyer is prepared to buy the house as-is. Doing this saves you the cost of home repair or renovation costs.
However, you must understand that in doing this, you may receive less than the market value price you hoped for since the home buyer will spend the money you might have received on home repairs and renovations.
Tips for Lowering Costs When Selling a House in New York
As we’ve seen, selling a house should be a money-making venture but can quickly get expensive. So, how do you inexpensively sell a house in New York?
Cutting Down Non-Essential Costs
It’s hard to sell a house as-is. And sometimes, doing so earns you less money than if you’d spent a little on repairs in the first place.
But there’s no reason to spend a fortune on home repairs and renovations, either. One tip for finding the cheapest way to sell a house is to do as much of the home repairs and renovations yourself as possible.
Some of this won’t be possible, especially if you need a new roof or rewiring. But if it’s a matter of refinishing floors, grouting, or painting, you can probably get away with doing the work yourself.
Do You Need a Realtor?
Another inexpensive way to sell a house is to sell your house yourself instead of through a real estate agent.
Agents have their advantages. But there are cash home buyers in New York and companies that buy houses in Brooklyn that can help you sell your house for cash.
While this can seem daunting, a cash offer can save money for you by eliminating the realtor commission from your list of closing fees.
Could You Sell to a Cash Home Buyer?
If you decide you can sell your house without a real estate agent, the next question becomes, can or will you accept cash home buyers.
Companies like We Buy Houses on Long Island can safely make you a cash offer at a reasonable price. They save money in the long term and also enable you to sell your house for cash quickly.
Conclusion
There are various inexpensive ways to sell your house in New York. One of the cheapest ways to sell a house is by accepting a cash offer or finding a company to buy your house for cash.
You can also save money by doing as many of your home repairs and renovation costs yourself, reducing the fees you pay.
No matter how you choose to sell your house, ensure you research the market before you sell. That way, you’ll get the money you deserve from your home buyer.