June 7, 2024 In Videos

Selling Your Charleston Home? Here’s What It Really Costs

If you’re considering selling your home and are curious about the expenses involved, this email will provide you with a clear breakdown of what to expect. Selling a home involves several costs, and being well-informed can help you navigate this process smoothly.

Real Estate Commissions
The first expense you’ll likely encounter is the real estate commission. This fee is negotiable, and it’s important to discuss it when you interview realtors. To make this easier for our clients, we offer four different commission packages, each tied to unique marketing strategies. We’ll walk you through each option so you can choose the one that best fits your needs.

Closing Costs
Typical closing costs may include deed stamps, attorney fees, recording fees, and possibly buyer concessions, such as covering closing costs or home warranties. There might also be repair costs involved. These expenses can vary, but they generally range from 1% to potentially 6% of your home’s sale price. These costs are somewhat variable and depend on what the buyer may need and the concessions you are willing to make.

Capital Gains Tax
After selling your home, you might face capital gains tax on the profit, depending on how long you’ve owned and lived in your home. For primary residences lived in for at least two of the last five years, you might be exempt from capital gains tax up to $500,000 if married. For investment properties, the tax rate could range between 15-20%. It’s crucial to consult with a CPA for detailed tax advice tailored to your situation.

Personalized Assistance
We understand that each situation is unique, and we’re here to help. If you’d like to review our commission packages or have questions about a settlement statement or specific tax strategies related to real estate, please don’t hesitate to reach out. Our goal is to ensure you feel supported and informed every step of the way.

Thank you for considering this information, and I’m here to assist with any further questions you may have. Have a great day, and we look forward to helping you achieve the best possible outcome when selling your home.

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