What does selling my Woodbridge VA Home Cost?
Cost of Selling your Woodbridge VA Area Home
Selling your home is typically about making a profit. However, that doesn’t mean that it doesn’t come without costs. Here is an overview of some of the major costs you’ll be responsible for paying.
How much does it cost to sell my Woodbridge VA Home?
What does selling my Woodbridge VA Home Cost:
Mortgage Balance
This is the remaining balance on your original home loan. You will need to pay off your mortgage in its entirety when your home is sold.
Home Equity Loans (2nd, 3rd Mortgages)
Any loan against the value of your home will also need to be paid in full after the sale of your home.
Pre-sale Preparations
In most cases, it’s not advisable to make major investments in your home right before a sale. There are however, a few things that can be done to increase your home’s curb appeal, fix minor problems, and otherwise make your property more attractive.
Closing Costs
All closing costs associated with the sale of your home will be listed for you and for the home buyer in the Closing Disclosure form. They seller is generally responsible for all of these closing costs which include:
• Real estate broker commissions
• Sellers Closing Cost Assistance
• Settlement Fee
• Recording/filing fees
In some cases, buyers make a request for you as the seller to cover their closing costs as a part their purchase offer. We will negotiate these requests if they are made. Me and my team will help you understand why and when it would be advantageous to cover the buyers closing costs (if it is).
Taxes
The money that you make from the sale of your home is considered capital gains. The good news is that these profits can be excluded from your taxable income, up to $250,000 for an individual or $500,000 for a married couple, as long as your home was your principal residence. To exclude the full portion of those gains, you will need to have lived in your house for at least 24 months in the 5 years previous to the sale date of the property. You should speak with your accountant or a certified tax specialist to determine your specific situation. If this property is a real estate investment your profits will be considered taxable income and will be subject to state, federal and self-employment taxes. You can defer all capital gains taxes in a 1031 exchange if you are planning to reinvest the proceeds of your real estate sale into a new property.
Moving Costs
Moving isn’t only a hassle, it can also be very expensive. Whether you’re moving to a new house in your neighborhood or across the country, it’s important to estimate and plan for the full cost of moving from your home once it is sold. Get an estimate from your moving company, to get a full idea of what you’ll be charged for what services. If you’re moving yourself, you’ll most likely need to rent a van. And don’t forget the packing materials including boxes and tape. The more preparation you do in your move planning, the less likely you are to avoid overpaying for your move expenses.
The above cost is generally what you are looking, for a more detailed local list you can check out one of my previous blog posts. How much does it cost to sell my Woodbridge VA Home?
Are you currently looking to sell your Woodbridge VA area home? If you are The Claudia S. Nelson Real Estate Team will be happy to assist you. You can call 571-446-0002 to find out find out what your Woodbridge VA area home is worth in today’s Real Estate market or get your homes value, right here.
