What Are the Hidden Costs of Selling a Home on Long Island?

What are the hidden costs of selling a home on Long Island?
Beyond closing costs and agent commissions, sellers often face additional expenses like repairs, staging, moving costs, and potential tax implications. Eric Berman REALTOR helps Long Island sellers understand these hidden costs so they can plan ahead and avoid surprises.

Common Hidden Costs When Selling

1. Pre-Sale Repairs and Maintenance

Buyers expect homes to be in good condition. Sellers may need to:

• Fix leaks, electrical issues, or broken appliances

• Repaint walls

• Replace worn carpeting or refinish floors

While optional, neglecting these repairs could reduce offers or extend time on market.

2. Staging and Presentation Costs

Even modest staging can make a big difference. Costs may include:

• Professional staging services

• Rental furniture or décor

• Professional cleaning before showings

Eric Berman offers staging advice and access to Compass Concierge, which covers these costs upfront until closing.

3. Moving Expenses

Sellers often forget to factor in:

• Professional movers

• Storage units

• Packing supplies

The bigger the home, the higher the cost.

4. Utility and Carrying Costs

If your home sits on the market longer than expected, you’ll continue paying:

• Mortgage (if applicable)

• Property taxes

• Utilities (heating, cooling, water, electricity)

• HOA or community fees (if applicable)

5. Concessions to Buyers

During negotiations, you may be asked to:

• Contribute to closing costs

• Provide credits for inspection items

• Offer allowances for upgrades

These can add up and reduce your net proceeds.

6. Capital Gains and Taxes

If your home has appreciated significantly, you may owe capital gains tax.

• Exemptions apply if it was your primary residence for 2 of the last 5 years.

• Always consult a tax professional for your specific situation.

How to Prepare for These Costs

Eric Berman REALTOR helps sellers:

• Create a detailed net sheet

• Anticipate both required and optional costs

• Prioritize upgrades with the highest ROI

• Minimize unnecessary spending

Final Thoughts

Selling a home on Long Island involves more than commissions and closing costs. By planning for hidden expenses, you can protect your bottom line and reduce stress.

Want clarity on what you’ll walk away with?

Contact Eric Berman REALTOR today for a customized net sheet and expert selling guidance.

Meta Description:
What are the hidden costs of selling a Long Island home? Eric Berman REALTOR explains repairs, staging, moving, taxes, and concessions sellers should plan for.