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5 things to know before selling your house

Buying and selling a house are perhaps two of the most important financial decisions we take in our life and neither of them should be done without proper thought and planning. The reason for selling your house could be to offset a good return on investment or just because you are moving to another city or place. Whatever be the reason, these are few things you must keep in mind before selling off your house.

1. Do your homework regarding pricing - Each area's real estate rates fluctuate differently based on multiple factors including the development around that area, ease of commuting and future predictions. If you have lived in that area for a while, you should be reasonably aware of the going prices of real estate, but nevertheless, it is always advisable to do a thorough research before fixing on a price. It would also help to find out how many houses in that area are currently on sale, their prices, and for how long they have been in the market. This will also give you an idea of what you're up against.
2. Know your taxes - Taxation is another aspect one needs to look into before selling a house. A seller selling his property within three years of purchase might be liable for a capital gains tax. There are certain situations where the seller can also get tax exemptions. Make sure you know the taxation involved in selling your property before you get down to it.
3. Take professional help - Although it might seem better off and more economical to handle the house selling process on your own, taking the help of a certified realtor eases a lot of work and stress for you. A good agent will be able to guide you properly throughout the selling process and also negotiate better on your behalf.
4. Create a good first impression - First impressions are, after all best impressions. And although a buyer is not going to buy the house merely based on the outward appearances, it definitely works towards encouraging them towards that decision. Get rid of any personal memorabilia if any, give the exterior and interior walls a fresh coat of paint, get any repair work done. You could also have pictures with different furniture layouts in the same house to give the buyer a visual idea of how the space can be used in different ways.
5. Potential profit or loss estimate - It is very important to get an estimate of the potential gains or losses that you will incur through the purchase offer in question. The selling price will be reduced by a number of items including commissions, closing fees, government charges, home repairs etc.
Get a good understanding of the above things before you get down to finally selling off your house. It will save you a lot of time, money and stress.

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