Buying a home is expensive — and so is selling it. When at all possible, you want to choose a property that’s as best-suited to your long-term needs and goals as possible. Planning on more kids or pets down the line? Factor that in. Want to build a pool or vegetable farm out back someday? Make sure that’s on your checklist.
Depending on local taxes and customs, it could cost you up to 10% of your home’s value to sell. It’s incredibly costly to sell a home, so make sure you can hang onto it for at least 10 years (that could mean living it in or renting it out later). Here’s what it might cost to sell:
- $150,000 home: $15,000 to sell
- $250,000 home: $25,000 to sell
- $350,000 home: $35,000 to sell
And so on.
If you sell a home too quickly, you might even have to pay out-of-pocket to unload it.
But you don’t have to plan to live in the house forever. You might also consider renting it out when the time comes. This can help you avoid the tedious listing and selling process, as well as give you cash for purchasing your new property.
The information contained on this website is for informational purposes only and is not an advertisement for products . The views and opinions expressed herein are those of the author and do not reflect the policy or position of Brokerage. Source: The Mortgage Reports