When selling your home, it can be an exciting time but there are a whole host of other emotions that come into play including confusion, stress, determination, etc. In 2017, the housing market can be a tough place in which to operate which is why we have compiled five superb tips here today.
The Next Chapter
Believe it or not, we see more than a few people forget about their next step because the selling process takes all their attention. Sometimes, it can be easy to say, ‘let’s sell the home first and then think about the next move after’. Nowadays, it doesn’t have to be this way since there are many services willing to help. For example, the mortgage process is easier than ever when you choose Benson Mortgages. With access to numerous banks and private lenders, we can find you the best rates and extras whilst you focus on selling your existing home.
If we continue the same theme, there are also people who go too far into the buying process they are left with two homes when a potential sale falls through. Ultimately, the buyer of your home could request upgrades or work to be done before moving in and this will slow the entire process. Once again, you need a reliable service by your side who can advise on the correct steps at the right times so you aren't left in a difficult position.
In a perfect world, the selling process would be done at the shake of two hands but sadly this isn't a perfect world. If you’re planning on selling, there will probably be various closing costs involved and these mustn't be forgotten because you don’t want to start your new life in debt. With Benson Mortgages, we can advise on these costs such as who will pay what fee.
During the buying/selling process, some costs will be given to the buyer whilst others are paid by the seller so you need to be confident in knowing what you will pay. For example, you could see land transfer tax, prepaid expenses, interest adjustment, legal and disbursements, property tax hold back, and more. As mentioned previously, you might even have to pay for the inspection. If problems show in this inspection, the next cost comes from having them repaired or else be willing to offer a discount on the property. As you can see, there is a lot to think about but Benson Mortgages can help.
As you start the next chapter and move into your new home, maybe it is time to consolidate all your debts into one manageable debt? Rather than paying six different companies interest each month, debt consolidation will reduce this to one and it could help in the long run. Luckily, we have experience in this arena and we have previously helped thousands to get out of long-held debt.
Capital Gains Tax
If you have been in the property for less than three years, you will have to pay tax for any profit you make. For instance, you might have bought the property for $325,000 just two years ago but now you have an offer for $350,000. With this profit, the rate will typically be 20% which means you could lose $5,000 in an instant on tax.
As long as you keep these considerations in mind, you will find it easier to sell your home without a problem. If you have any questions or want some help today, please feel free to get in touch with Benson Mortgages.