Our townhouse went under contract in May and we successfully closed in June, which means this exhausting and pricey process of buying and selling is over, and this is the last time you will hear me complaint about it. Unlike many others try to do, we decided to buy, move, and then sell. This order worked for us mainly because it was easier to fix our townhouse without pets, and it took us forever to find our new home, but with a lot of anxiety, trust, and faith we did it! During this journey I kept track of the timeline and costs to keep myself organized and to share it with you guys. So here is a quick snapshot of the buying and selling costs and timeline.
Costs to Consider When Buying a House:
- Earnest Money
- Termite Inspection for Termite Letter (Some lenders request this)
- Closing Costs
- HOA Initiation and First Payment
- Down Payment
- Wire Transfer Fee
- Packing Materials: Boxes, tape, bubble wrap.
- Fees for Moving Utilities or Opening New Accounts
- Any Pre-moving Work/Upgrades (In our case some paint, new carpet, and popcorn ceiling removal)
- Furniture and Decorations
Costs to Consider When Selling a House:
- Fixes to Sell: Fresh paint, new carpet, bulbs, pet damage, etc.
- Professional Cleaning
- Professional Photographer
- House Listing
- Extra Repairs Post-Inspection
- Realtor Commission
- Plan for Three Months of Double Mortgages/HOA (Just in case)
Our Buying and Selling Timeline (Click the Image Below to Enlarge):
- Actively House Hunting: 4 months
- Buying Process (from offer to closing): 1 month
- Prepping Townhouse to Sell: Less than 3 weeks
- Selling Process (from listing to closing): 8 weeks.