Are you thinking about selling your home in Clairlea-Birchmount? Have you been thinking of selling it by yourself instead of hiring a real estate agent? There are several advantages of selling your home yourself, but there are disadvantages as well. To make it easier for you to make a decision find the most important pros and cons below.
The most important PRO for selling your home yourself in Clairlea-Birchmount is MONEY. Selling your home without the help of an agent means more Money in your pocket! By selling it yourself you save the commissions and fees. – We are not talking about pennys, we are talking about THOUSANDS of dollars which you would have to pay an agent. Another advantage is that you are able to decide the times for open houses and showings. It is also completely up to you where and when you want to advertise. Unlike a real estate agent who is selling many houses, you can focus on YOUR house, because you are only selling your own house. It is obvious that you will have more interest in the sale than an agent.
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If you are a homeowner, you will be entitled to tax breaks when you sell your home. It is possible to profit up to $250,000 if you file your taxes singly. If you file jointly, you could get $500,000. To make things even nicer, you will owe nothing to the IRS. There are a few caveats that are involved. You must have been the owner of the property and must have used that same property as your primary residence for at least 2 of the 5 years preceding the sale of the home. While this seems fair, what happened if you sold your home after only owning it for two years? In 2002, the IRS released new regulations that changed the original rules.
If you are in the situation of owning and residing in the home for less than 2 years, you can avoid the tax by claiming a reduced gain exclusion. This is fairly easy to qualify for. If you do qualify, the amount will most likely be large enough to protect the entire gain, even though the sale was made prematurely. If you are eligible, the amount would equal the $250,000 or $500,000 times a fraction. The numerator of the fraction would be the period of time that you owned and used the home and the denominator would be the two years that is required. For example, if you and your spouse owned and resided in your home for 22 months, the reduced exclusion would be $500,000 multiplied by 22 months over 24 months, which would equal $458,333. The reduced exclusion applies when the premature sale is a result of a change in employment, health issues or unforeseen circumstances.
Additional tax treatments are available if you use your home for business or rental property. The entire home, including the rental and business areas will qualify for the gain exclusion. The only difference in this case is that you must pay a tax on the gain if it was attributable to depreciation deductions that had been claimed after May of 1997. Keep in mind that the business or rental property must be located within the primary residence.
As long as you meet the eligibility requirements, you can earn considerable tax savings when you sell your home. Selling prematurely should be avoided if at all possible, but if a situation does arise, you will not lose as much as you think.
Selling Homes in Tough Times - Follow These Easy Steps So Others Will Buy Your Home
Have you decided to move and now you need to sell your home? If this has happened to you then you may be wondering about the best way to sell your property. Many people these days are avoiding using an agent in order to save some money, and you may choose to sell property online to do that as well. But, if you are going to do that then you need to ensure that you are well aware of the ins and outs of selling a house and how you can help potential buyers buy house without too many problems.
First of all, you will want to list your home on as many websites that allow for free postings as possible. One great suggestion is to use Craigslist to your full advantage. Not only is it free, but you can ad photos and be as specific as you want to be. Not to mention many people use Craigslist in search of a home so you have a great way to reach people right there.
When you follow these suggestions you will find that it really is not that difficult to sell your home over the Internet. Sure, you will still have to set up showings and send people additional photos, information, and the like, but it is much easier and you can reach people all over the country and world. So, don't be afraid about selling your home online because it really is easy. Just get started and you will see for yourself.