 |
Deciding to sell a property is a tough decision to make if you're not in a financial crisis of some sort and don't have to sell. When you sell a property you also have to buy a new property, move if you're living in the property, show the property, advertise the property, and keep the property open or accessible so people can view the property.
The other thing to consider is if you're selling an investment property can you buy another property via a 1031 exchange?
And, you can qualify for a principal residence sale exemption up to $250,000 ($500,000 for couple filing join tax return) if you own and live in the property at least 24 months of the last 60 months before its sale. The 24 month occupancy doesn’t have to be continuous and can be broken up by periods of renting the property.
A few tips to keep in mind when you're selling a property:
- Put your stuff in storage; open up the space, no clutter
- Curb appeal is real; make the house shine so you don’t kill the deal at the driveway (cut the lawn, trim the hedges, fix the drain, paint, take out the trash, remove any shrubs or dying trees that block or obstruct a view or walkway, and so on)
- Agents may reduce the fee if your using their services to buy a home as well as selling your current home
- In the beginning, don’t over price your property anticipating that you can always go down; an unreasonably high rate will turn buyers off and put your property in the overpriced category—you’ll lose momentum from the get go
|
|
