Welcome to the LindaSecrist.com Blog

2012-07-26 11:09:41
Costs of Selling Your Salt Lake City Home!

Deal Or No Deal

By Tammy Stoner, FrontDoor.com

When  preparing to sale your home in Salt Lake, Draper, Holladay, Sandy or South Jordan it pays to look at the complete financial picture so you are ready to deal. Make a list of the costs of selling your house including:

  • Realtor Commission There's a 4 percent to 7 percent commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5 percent and 6 percent, but it can go as high as 10 percent on vacant land deals. It's a considerable amount of money. If you sell your house for $300,000, the standard 6 percent cut for the agent will be $18,000.
  • Closing Costs These can add up to 2 percent to 5 percent of the purchase price and include title transfer, any county transfer taxes, escrow charges and other miscellaneous fees.
  • Property Taxes If you didn't pay all of your property taxes before you sell a house, a prorated tax amount will be included in closing costs. Note: If you pay out of an impound tax (that's an amount tacked on to your monthly mortgage), this does not apply, since your taxes will be paid up-to-date.
  • Home Warranty Often the seller buys a yearlong home warranty for the buyer.
  • Pest Inspection Don't worry, this doesn't include a judgment of your nosy neighbor. Just termites.
  • Repairs on the House Although the buyer pays for the home inspection, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

After you detail the costs of selling, you might be wondering how anyone makes any money. Well, one of the biggest perks of any house sale is the lack of capital gains tax (assuming you have lived in the residence for two of the last five years). The government allows for a write-off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with your accountant to be sure.

 

 

LINDA SECRIST - LINDA SECRIST & ASSOCIATES - EVERYTHING THEY TOUCH TURNS TO SOLD!



Linda Secrist's Salt Lake City Real Estate Home Page Salt Lake City Real Estate Draper Utah Real Estate Holladay Utah Real Estate Sandy Utah Real Estate South Jordan Utah Real Estate Salt Lake Cities Top  Real Estate Agent

 
Blog Archive
2020-02-19 16:16:12
3 MID-FEBRUARY LUXURY OPEN HOUSE TOURS

2020-02-18 12:19:01
5 Home-Selling Tips

2020-02-13 10:58:56
Fall In Love With These Luxury Homes  

2020-02-06 11:59:35
Luxury Lifestyle Living

2020-02-05 10:13:45
Are You Buying A Home in 2020?

2020-01-30 11:59:36
3 Fabulous February Open House Tours

2020-01-28 12:58:06
Make the Most of The Sundance Film Festival

2020-01-23 09:12:58
OPEN HOUSE SATURDAY, January 25th, 2020

2020-01-21 10:49:36
Buying A Home in 2020?

2020-01-16 08:42:03
Find Your Dream Home

2020-01-13 11:16:33
Fun Non-Skiing Things To Do In Park City

2020-01-09 14:31:19
HOT HOMES FOR A COLD DAY!

2020-01-06 14:50:48
Utah's Among The Fastest Growing States In The Nation

2020-01-02 09:50:16
2020 Housing Market Predictions

2019-12-30 11:12:06
HAPPY NEW YEAR

2019-12-26 12:15:27
MORE MORE HOMES FOR THE HOLIDAYS

2019-12-18 11:05:30
MORE HOMES FOR THE HOLIDAYS

2019-12-12 13:03:19
HOMES FOR THE HOLIDAYS

2019-12-09 13:22:01
5 Home Renovations You Can Tackle During The Winter

2019-12-05 13:54:38
COME ON IN- 3 LUXURY OPEN HOUSE TOURS

2019-12-02 10:46:45
Utah #1 for Middle Class Prosperity in 2019

2019-11-26 10:40:10
HAPPY THANKSGIVING

2019-11-21 10:02:49
HAPPY THANKSGIVING OPEN HOUSE TOURS

2019-11-19 10:09:48
How To Prepare For Moving Day

2019-11-15 09:55:38
4 AUTUMN OPEN HOUSE TOURS

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.