Whether for a quick resale or simply in anticipation, thinking about reselling your home is essential to have all the cards in hand and prepare for all eventualities. The question being “how to do it? ” A real estate resale takes into account several factors to ensure its success. To help you see clearly, here is a practical guide.
The Quick Resale
From a legal standpoint, there is no specific date that determines the right time to sell your home. In other words, you can resell as soon as you want. This is why quick resale is a solution that attracts more and more ordinary owners, for several reasons. This may be for personal reasons, such as an expansion of the family, or professional reasons such as a job transfer. In any case, the rapid resale is ideal for a principal residence due to the capital gains tax exemption, regardless of your profits, on the sale.
The Associated Fees
However, take into account that reselling quickly comes up against a big problem, namely the additional expenses. Indeed, for the acquisition of a property, it is necessary to pay attention to the associated fees. This involves notary fees (2 to 3% in new buildings and 7 to 8% in old ones), agency fees (3 to 10% of the price of the property), and administration fees. To this, you can add in expenses, local taxes, and maintenance costs. For a purchase with credit, loan insurance, and bank interest must be taken into account. For a condominium, there are condominium fees.
To amortize the expenses, it is therefore recommended to wait several years to resell the property. The ideal time is within 5 years after acquisition. Note that this period may increase depending on the state of the real estate market in your city, department, or region. Of course, each case is unique, so it is recommended to call on a professional to study your case.
Quick resale (– 5 years) is always possible. It all depends on the things we have discussed above and your personal situation. If you are looking to sell your current home and get a bigger one, you can look at homes for sale in Asheville NC.