What expenses should I expect when selling a home?
Each sale is unique, but there are certain expenses most homeowners can expect to encounter as they sell their property. The first is transfer tax. This percentage of the sales price goes to your local or regional municipality. Additionally, you will pay property taxes for the portion of the year that you owned the property.
You may also be required to pay capital gains tax. This will depend on your household income and the amount of profit you make from the sale. Often, much (or all) of this tax is avoidable with the right financial procedures. Feel free to contact me for advice if you think you might be facing capital gains taxes. If negotiated during the sale, the seller may also pay for a home warranty, an appraisal, or other closing costs for the buyer.
And don’t forget moving expenses. These vary greatly, depending on the size and distance of your move. Lastly, the seller is typically responsible for real estate agent commissions.
Please contact me to review any of these costs in more detail. I’m here to help.