To calculate the net proceeds from selling a home, follow these steps:
1. Determine the selling price: This is the amount you expect to sell your home for.
2. Subtract selling expenses: Deduct any expenses associated with selling the home, such as real estate agent commissions, closing costs and any seller concessions.
3. Subtract the remaining mortgage balance: If you have a mortgage on the property, subtract the remaining balance from the proceeds.
4. Subtract any outstanding liens or fees: Deduct any outstanding liens, property taxes, sewer/water fees or homeowners association fees that need to be paid off from the proceeds.
5. Calculate capital gains taxes: If applicable, calculate and subtract capital gains taxes on the sale of the property.
6. The result is your net proceeds: This is the amount of money you will receive from selling your home after all expenses and obligations have been accounted for.
It’s a good idea to consult with a real estate professional or financial advisor to ensure accuracy and to understand all the factors involved in selling your home. Give Ropal Realty a call today or stop by our West Warwick location to learn how we can help you with all your real estate needs.
