How Much Will It Cost To Sell My Home?
Prepare For The Costs, But Focus On Your NetThe first question some home sellers ask an agent is how much it will cost them to sell their home. What they're really interested in, of course, is finding out how much money they'll have after selling costs are paid. If you're ready to sell, here are some costs you should plan for. Fixing Up To SellJust before a home sale is not the time to add on or remodel the kitchen or make other major improvements. With most major improvements, the pay-back may not cover the investment, so keep pre-sale changes on a reasonable budget Now is a great time to put your home in the best condition possible, making it fresh, clean and neat. You may have to purchase paint, soap, wax, putty, tiling, carpentry and plumbing supplies. If you're not handy or you lack time, you might also have to pay for the services of professionals to go with those supplies-plumbers, yard maintenance and cleaning help, carpenters, etc. Closing CostsMarket conditions and local customs often determine whether the buyer or seller is responsible for paying certain types of closing costs. Those that may end up in the seller's column include:
Current laws allows married couples to exclude from taxation up to $500,000 of capital gains from the sale of a home ($250,000 for singles), providing the sellers have owned and lived in the home for two of the previous five years. The exclusion can be taken once every two years. (Consult a tax advisor for further details and to determine what your capital gain will be.) We'd be happy to take a look at your particular situation and help estimate what your selling costs would be. Even better, we'll help you calculate how much money you'll net on the sale! |