Are you thinking about selling your home in Victoria Village? 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 Victoria Village 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.
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If your home is experiencing foundation settlement, you may ask yourself: "Can I sell my home?" The short answer is almost always "no." There are several reasons:
- We all know homebuyers are looking for homes with features, location, a good price, etc. But it's important to note that they're easily scared off by structural problems. Any material problems will almost always scare them off.
- Homebuyers usually hire a building inspector to review a prospective purchase. These trained professionals are almost sure to find most everything that is wrong, or potentially wrong with a home. His or her report could easily scare the client.
- If the home is to be financed, the financial institution will also often hire a building inspector to protect their interest in a property. They will not accept material issues such as weak and failing foundations, bowing basement walls, or similar structural difficulties. The loan will be declined.
- If you are aware of a structural issue, many states require the seller to reveal all such information. Failure to do so makes the seller liable and could be successfully sued for misrepresentation.
- The current real estate marketplace is definitely a buyer's market. There are far fewer buyers than there are houses for sale. Therefore the buyer can be extremely selective. There will probably be another house down the road that is equal or better and maybe for less money. Structural issues will push potential buyers back out the front door.
But, if you know you have a problem and you address it, you can sell with full confidence, full revelation to the customer and inspector and know that the structure is stable, strong, and fit for the long term. You will likely sell for enough to cover the repair costs and more.
The key is getting a licensed, qualified, certified, and experienced contractor to provide an appropriate steel helical pier or push pier repair. Steel piers go to the base of the problem. Without that, anything you do is only a bandage. Steel piers are accepted by and specified by engineers and building inspectors. Foundation repair piers give you your value back and allow you to sell your home.