If you haven’t been through the home-selling process it’s more than just receiving money from the sale of your house! There are actual costs for the seller that should be considered when deciding to sell your home.
Before you sell, you may invest in updates and repairs. You might also purchase a home warranty for the new buyer for the first year to help cover the cost of unforseen repairs to major systems like heating or plumbing. You may pay a home stager, which might include renting furniture. And then there is your cost to move!
Once you sell your home, you will still owe property taxes, pro-rated for the part of the year you still owned the house. You might also have to pay a capital gains tax, depending on how much profit you make on your home sale. You’ll also be paying off your own mortgage – but this amount might be different than the amount on your last statement because of interest charges. And, the seller will also sometimes pay for a new title policy.
