Real estate sites are filled with tips on how to buy the perfect home, but do you know how to sell it? Few homeowners consider the factors of smart selling. Listing too early can lead to dwindling profits, losses, and yes, the need for credit repair. Why risk your savings and stability? Transform your experience into a positive one by becoming well-informed.
It’s time to sell your home if:
Investment property can be a significant asset on your tax returns and within your retirement portfolio. Learn more about the rental market in your area before selling your home. For example:
Marcus owns a three-bedroom home in the Seattle suburbs. The market is competitive in his area, and the estimated value of the property is $465,000. Despite the favorable price, Marcus’s real estate agent suggests another option. “Why not rent this place out?” she asks. “Your property taxes are only $3,000 a year and you have three bedrooms and two full bathrooms. I could easily list this property for $2,500 a month.”
Marcus’s decision to rent his home earns him $27,000 a year in passive income and a mortgage deduction on his tax return. While not every rental market is the same, yours is worth a second look. Make a choice that will yield long-term benefits.
When money is tight and you’re out of options, it might be time to sell. Maintaining a healthy credit score means anticipating issues that may affect you, including overdue bills and foreclosure. That said, be sure to give these possibilities one last look:
The housing market is rebounding in many cities, making it the perfect time to earn a profit on the sale of your home. Approach this calculation carefully by asking yourself the following questions:
Speaking of fees, there are plenty associated with home sales. The seller is responsible for paying:
These are just a few of the required fees that will diminish your profits. The bottom line: Selling a home is complicated. Learn more about your state’s regulations before securing your MLS number.
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