While you may have a good general, idea about how much is owed on your property it is prudent to contact your lender. Ask your loan officer exactly how much it will take to pay off your property. This will be the minimum you could accept when selling your home and gives you a good baseline for determining how much profit you need to make on the sale.
Determining what to ask for your home can be a difficult process for many people. Sentimental attachments and an overinflated opinion of your homes worth could set you up for disappointment. In order to set a good price you may want to seek out a professional appraisal or at least schedule a walk through by a real estate agent qualified to determine fair market value.
Repairs Big and Small
When you have firmly decided that you want to sell your home it is time to take stock of your property. Are there repairs you need to complete? Big and small repairs should be addressed before listing the house on the market. Big repairs such as roofing, foundation, furnaces and pools are obvious to most people, however in the past even these could be overcome by a lower asking price not so today. Make sure your house is in top condition before beginning to advertise.
Most of the time when selling a home you do not have a lot to worry about with taxes. However, if you have not lived in the home and are not reinvesting the profit into another home purchase you could be facing stiff capital gains taxes at the end of the year. An accounting professional can best advise you on this front.
Selling a home requires some fore thought and action. You want to carefully consider why you would like to sell your home as well as all the implications of the sale. It might even be prudent to examine your motivation as well. If you wake up one morning and think it might be nice to move across town, you might not want to call a real estate agent just yet!