How do I prepare for my home to sell?
You want your home in the best possible condition. This means taking care of any repairs that could turn off a buyer (such as replacing any broken tiles or replacing a leaky faucets, a fresh coat of paint is always good too) Next, work on your home's curb appeal. Make sure your landscape is clean and tidy. Other quick fixes that can help you get market value for your home are:
- Clean the entire house inside and out.
- Be sure that the doorbell works and your entryway is clean from debree.
- Kitchens and baths are a sticking point with home buyers, make them shine.
- Reorganize closets remove unneccessary things that make your home appear smaller.
- Make sure the basic appliances and fixtures work. Replace leaky faucets and frayed cords.
- Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting.
What are the tax implications of selling my home?
Selling your home can have a major impact on your federal and state tax returns. Check with your tax consultant on the factors that may affect taxes resulting from the sale of your home. Be sure to find out the current tax exclusions for your circumstances. Currently In certain cases you can exclude up to $250,000 in gain ($500,000 for married couples filing a joint return) on the sale of property that was your principle residence for at least two years. This applies every two years (based on homes in California).