The sale of a home can help us to get a sum of money quickly and, at the same time, be able to acquire a new property with guarantees. It is also possible that we should move for work to a new destination and we are in the middle of a mortgage. Although our job expectations are good, again the fact of selling and buying is complicated. For this, it is recurrent to ask: How will I sell my home to buy another?
How to sell my mortgaged house to buy another
You cannot get rid of your property easily if a mortgage weighs on it. Therefore, you should consider amortizing it or subrogate it to whoever acquires the property.
In the same way, you can consider the same situation as a buyer. Thus, when you think about selling and buying at the same time you can consult the bank about their mortgages to pay for the new home and include the loan that remains of the one that is going to be sold.
Another option is to obtain a bridge mortgage. This mortgage product is also called “home exchange” and allows you to obtain up to 100% of the purchase price of the new home. In this way, the client can wait to pay the second home until the time he gets the money from the first one required by the bank.
How to sell my home and settle pending payments
Apart from the taxes payable, there are expenses to pay when the property is not yet paid . The cancellation of charges such as a mortgage, a loan or an attachment must be settled by the seller. Normally, this liquidation consists of liquidating these charges, although they can also be subrogated to the buyer as long as the creditors agree.
Notary fees are also necessary in each transaction. In fact, who will grant the deed of the purchase-sale will not be other than the notary, who will have to pay the fees set by regulations.
How to sell my home paying less taxes
The sale of your house will have important fiscal effects. In the first place, any person and selling a property must pay part of this sale as Personal Income Tax. After the capital gain must be taxed in the income statement of the current year.
However, the percentage of IRPF to be taxed depends on the amount of capital gain. The highest tax rate will be 23.5% and is based on a profit of more than $ 50,000. In the event that there is loss of assets after the sale, it should not be taxed.
The IRPF will stop paying if you sell your house and reinvest those benefits in acquiring a new habitual residence within a period of two years. Also exempt from taxation are those over 65 and people in situations of dependency.
The tax on the Increase in the Value of Urban Land is the second that must be paid. However, it is the least known.
How to sell my home faster
If you want to sell your home and buy another one quicker, you will have to prepare your home to get the most out of it. That’s why we give you a series of tips to follow that will help you succeed.
In the first place, it is important to have a clear house in which the disorder does not distract the future buyer. On the other hand, it would be interesting to apply a coat of paint to make your house shine, especially if the rooms have colored walls. The white color will help you to unify the appearance of spaciousness of the house.
The distribution of the furniture will be essential so that they appear symmetrical between them. In the living room, furniture should be away from the walls and tables and lamps at the ends of each sofa. If you can do without any furniture, store it to make your home look more spacious.
If we talk about styling, minimize your own brand. Try to maintain a clean and minimalist appearance with neutral colors. As for your personal items, reduce them to the minimum. It is important not to show the entire family tree.