Is Selling Your Property Really Going To Be Worth It?
Most people look to comps in their area to come up with the listing price for their property. Good idea, but wither the bottom line - do not treat this aspect of the sale as chopped liver.
A Guide To The Sale Of Your Property - How Much Will You Earn?
It happens everyday - you just might know it. A homeowner up and decides to sell his or her house, and figures out the ideal selling price. They would then have two options - give a ballpark figure, a guess which may or may not be educated, or try to discern the most ideal price by means of research, mathematical equations or the like. But neither approach figures in the sum total they would get from the sale. You've heard of buyer's remorse, but perhaps not of seller's remorse - the tightness in a seller's heart upon discovering the ultimate amount was not as "ultimate" as expected.
Before you up and sell your property, really, the best thing to do is to find out an objective amount, a realistic and accurate figure for the sum total you will receive after sale. Again, not too many people give much consideration to this. If you have a lot of equity in the property, it really is not an issue. If otherwise, then it's time to focus your mathematical acumen on the bottom line lest you be calling for a medic upon discovering the ultimate amount.
The first place to start is the estimated price you will sell for minus the outstanding balance on your mortgage. This way you are figuring out the estimated amount of equity, but not yet the final figure you should receive at the end of the sale. Look at the big picture and think this over very carefully - here are other costs you may want to include:
Pre-payment fees for mortgages.
Property taxes thereof, covering the quarter of fiscal year you are selling your house.
Any maintenance costs, i.e. repair costs that ensure your home maintains a decent value.
If your state requires you retain a lawyer for the sale, consider legal fees.
For the penultimate item, consider the incidentals - these would be items agreed to hereforth in the purchase agree you and the buyer will sign. Otherwise known as miscellaneous payables, inspection fees, escrow fees, insurance premiums and recording fees are all included here.
Last, but definitely not the least would be the biggest expense of them all, ironically the one most of us neglect. If you use a real estate agent, you are going to pay a significant commission. If, say, your agent requires a 7 percent commission and you sell your home for $400,000, that's automatically $28,000 going to the agent. This is why more and more sellers are souring on the idea of hiring agents due to the financial ramifications of enlisting their services to help sell the house. Regardless, you need to ascertain how you will sell the home and the relevant cost of doing so as part of your overall calculation.
The decision to sell is often a matter of the heart. But it should also be as cold and calculating as a Dirty Harry movie - exactly the type of steely, determined focus you need when evaluating the financial side of things.
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