2 Things You Need To Know Before Selling Your Home

By The Goodman Taylor Team

We want to help you live the best life you can, one where you find your dream home, move to the perfect location, or receive a life-changing deal. We’ve done this for countless clients in the past, and we’d love to do it for you too. After all, there’s a reason why we’re one of the most trusted real estate teams in our area.

Are you considering selling your home but feeling overwhelmed by the financial side of things? I get it—selling a home is a big decision, and the financial implications can be scary. But don’t worry. I’m here to help you understand what to expect and how to plan ahead so you don’t get caught off guard.

Consult a tax expert. When you sell your home, the government wants their piece of the pie. This is why it’s crucial to talk to a tax professional, like a tax attorney or CPA, before you make any big moves. They can help you understand the taxes you might owe, especially when it comes to capital gains.

If it’s your primary residence and you’ve lived there for a certain number of years, you may be in the clear. There’s a good chance you won’t have to pay taxes on the sale, especially if you’re rolling the money into your next home. But it’s always best to be prepared and get professional advice.

Consider net proceeds. One of the surprises many sellers face is the difference between the sale price of the home and the actual net proceeds they’ll receive. The sale price may look great on paper, but remember, you’ll have expenses like closing costs, repair credits, and title fees. These can take a chunk out of your final amount.

But don’t worry because we can help you figure out what your net proceeds will be. By estimating property taxes, closing costs, and other fees, we can give you a better idea of what you’ll actually receive from the sale. This will help you plan what to do next.

Turning your home into a rental could be a great way to start building wealth over time. If you decide to go this route, you’ll have a steady income stream while your new property appreciates. This could be the key to reaching your long-term financial goals.

If you’re thinking about selling and want to make sure you understand the financial side of things, you can call or text me at (480) 382-8093. I’m happy to sit down with you and walk you through the process, answer your questions, and help you make a smart decision for your future.