Selling Your Home?

Want a quick calculation on how much
you can expect to profit from selling your home? Just take the selling price
and subtract 10% to account for expenses.

For example, say you sell for $300,000.
You can expect to pay roughly $30,000 leaving your profit around $270,000
(before your mortgage payoff). Wondering what’s in the $30,000? Here’s an
overview:

– Home prep costs: Think staging, lawn
care, and landscaping projects.

– Agent fees: Sellers typically pay 6%
of the selling price for agent commissions.

– Seller concessions: Although not as
common in today’s market, a seller concession means you’ve agreed to pay some
of the closing costs for the buyer like the inspection fee or title
insurance.

– Closing costs: These are fees paid by
both the seller and buyer to cover the transaction costs. Expect to spend 1-3%
of the selling price.

Not included in the above but good to
keep in mind:

– Capital gains: If you sell less than
a year after moving in, you’ll pay this capital gains tax on your profit. Lived
in your home for at least two years? You’ll bypass this tax on the first
$250,000 of profit.

– Home repairs: Because most buyers
order a home inspection before closing, you’ll need to account for any major
repairs.

– Moving costs: How far you’re moving,
how much stuff you’re taking, and whether you’re hiring professional movers
will impact your moving costs. Purge first to save.

-Megan Stultz

Call or Text 936-537-2587

Megan@MeganStultz.com

www.Southern-Luxury.com