Run The Money
Follow Run The Money

Important Financial Advice for Anyone About to Sell a Home

  • January 25, 2022

If you're reading this, I'm earning money in some way. I was compensated with money and/or product. Thanks for helping to feed my family. I also may have a financial interest in companies named. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not an accountant, lawyer, doctor, fitness expert, or nutrition specialist. So, talk to a professional before acting on anything you read, watch, or listen to below. Get your own advice and do your own research. Email me at [email protected] with questions.

If you’re about to go through the process of selling your home, you need to make sure that you’re thinking about the financial implications and how you can make the most of the sale as well. We’re going to talk today about some of the things you need to plan for and be ready for as you start the process of selling your home. You don’t want to be caught out by financial issues later.

Consider Adding Up to 10% Over the Price You Want to Sell it For

First of all, you’re going to need to think about the home’s asking price. You don’t want to ask for too little just because you haven’t been paying close enough attention to the market. The more finances you can free up as a result of the sale, the more you’ll have to spend on the next place that you decide to buy and move into. So add 10% to the price you want as the buyer will likely look for a discount whatever you price it at.

Understand the Tax Implications of the Sale

Depending on where you’re based, there’ll be a range of tax implications that you need to take into account in order to ensure you don’t end up in hot water later. Be sure to do your research and ensure what percentage of any profit you make on your home will need to be paid to the taxman. That money will have to be paid either way, so it’s best to be clear on the percentages.

Take Into Account the Cost of an Estate Agent

Taking into account the cost of hiring an estate agent is something that’ll be very important indeed. They will take a fee or perhaps a small percentage of the final sale price. So you might have to ask yourself whether it’s really worth working with a real estate agent or not. They certainly offer benefits, but can you sell the home yourself online and save money?

Get Specialist Advice if Selling Because of Divorce

If you’re selling the house as part of a divorce settlement and you don’t yet know how the money from the sale is going to be divided between you, that’s something that’s worth thinking carefully about. Ideally, bring in some outside help and make sure that everything is done properly and by the book in order to avoid issues later. You can find a divorce real estate specialist to assist you with that.

Cut the Moving Costs 

Finally, you’ll need to think about the moving costs. Of course, you’ll need to cover these, but you can also lower them by doing some of the work yourself and moving smaller items ahead of the move using your car.

As you can see, there are plenty of things that you need to think about as you go through the process of selling your home. It doesn’t always go as smoothly as you might expect it to, but you want to at least make sure that you don’t get burnt from a financial point of view.

>