The housing market has been hot in many markets, and that has homeowners wondering if it’s time to sell. If you’re thinking about selling, it’s important to understand the complete home sale process and how that will impact the money you’ll get to keep. More info SellMyPhillyHouse.com/if-i-sell-a-house-how-much-do-i-keep/

Generally, you’ll calculate your net proceeds by taking your final sale price and subtracting your remaining mortgage loan balance. However, there are a number of additional expenses that come into play that can affect your bottom line.

How Much Do You Keep After Selling Your House? Breaking Down the Costs

For example, you’ll likely pay a real estate agent’s commission when you sell your house. These fees can run as high as 3% of your sales price, so it’s important to factor this into your calculations. Additionally, you’ll need to consider a property inspection. This will let buyers know that your home is in good condition and will reduce the likelihood of them asking you to make repairs after they sign a contract.

Another cost to consider is the seller closing costs, which can be as high as 0.9% of your sale price. You’ll also need to account for any taxes that may apply.

If you’ve owned your home for more than two years, you will likely be responsible for capital gains taxes upon sale. This tax can significantly reduce your profits. To minimize the impact, be sure to consult with your local realtor about when it’s best to sell and how to prepare for a sale. They can help you analyze your market and determine the best time to list your home based on recent sales and local market selling trends.