5 things to know if you have to sell your home right now – Help US
One way to alleviate some anxiety in the lead-up to selling: Do all the math upfront so you have a clear sense of the proceeds you’re likely to net once your place sells. You’ll avoid unexpected stress at the closing table and be in a stronger position to plan for buying (or renting) your next home.
Your real estate agent will provide you with “net sheets” that can show your estimated proceeds under different scenarios. Your net will depend on the payoff amount of your mortgage, your closing costs and, of course, the price that your home ultimately sells for.
If you’ve owned your home for a long time or values have risen sharply in your market in the last few years, a sale could trigger a capital-gains tax, says Coons. You’re exempt from capital gains taxes on profits up to $250,000 (or $500,000 for a married couple), Coons says, but some homeowners may have built up profits above that limit.
“If you’re not buying another place right away, you may want to put your money in a high yield savings account, a certificate of deposit or Treasury bonds for six months to a year,” Chubinishvili says. “Put it somewhere where it’s accessible when you’re ready to buy.” The goal is to have your money in a safe investment that’s also flexible so you can get the funds easily when you need them.
