Are you getting ready to sell some real estate? Maybe it’s an investment property or it’s your primary residence. Either way, there are a lot of factors involved in selling real estate, and lots to think about. It can be hard to keep track of it all, especially if you’re not an experienced real estate seller. So what are some factors you should be thinking about when selling real estate?
The Outstanding Mortgage
The outstanding balance on your mortgage may be one of the easier things to remember. After all, you’ve been making payments on it every single month. When you sell real estate, you’ll need to pay off whatever outstanding balance you have on your mortgage loan.
Keep that in mind when you set the price for your house. Ideally, you’ll sell it for enough to cover the remainder of your mortgage and have a tidy sum left over as a profit.
Have you considered the possibility of having to pay taxes when you sell real estate? When you sell real estate, regardless of whether the property is your primary residence or an investment property, you may be subject to capital gains tax. How long you’ve lived in the home will impact how much tax you owe, as will your tax filing status.
You may also have to pay taxes on an inherited home. You should account for the step-up in basis when calculating your tax bill on an inherited home. Keep this in mind as well when you’re calculating any anticipated profits from selling the property.
The Little Details
If you want to maximize the offers you get for your property, attend to the little details. Look around your home, both inside and out, with a critical eye. What things do you see that are turn-offs for potential buyers? Those are things you should spend time and money on fixing. Inspect your home using most of your senses. What do you see? What do you smell? Does your house make funny sounds? How does it feel to be in the home? Make a list of things that need work so you can get the property ready for the market.
There’s a lot that goes into selling real estate. Trying to keep track of all the little details can be difficult. It’s no wonder, then, that most sellers turn to a local real estate agent to help them sell real estate. It’s virtually always helpful to have an expert by your side who knows the ins and outs of the process and who can help you navigate it. If you want to get the best results from selling your real estate, it’s one of the better moves you can make.
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