“How soon can you sell a house after buying it?” If this is the question on your mind, then it means that you may have a fairly newly purchased house that you wish to put up for sale.
Purchasing a house isn’t the end of the road; anything can happen after the purchase is completed and you may decide that selling your newly acquired home is the decision that serves your best interest in the present moment.
While selling your home is a personal decision and nobody can answer the “how soon can you sell a house after buying it” question for you, as you may decide to sell your house a day or two after buying it, there are certain repercussions that can be triggered by your decision to sell your house soon after you buy it.
Disadvantages of selling your home soon after purchase
First of all, is the loss. A home is an investment and selling your home immediately you have purchased it does not give the property the significant amount of time it needs to appreciate and amass profits.
The second disadvantage of selling your house shortly after you purchased it is capital gains taxes. Since you have not lived on the property for a cumulative total of 2 years, you will most likely be required to pay capital gains tax when selling it. This can eat deeply into your profits.
Again, there is the risk of running into problems with your mortgage lender or of incurring a mortgage prepayment penalty, which is a fee mortgage lenders charge when you pay off your mortgage debt too early; so really, how soon can you sell a house after buying it, and even then when is it a good time to sell your house early?
When is it a good time to sell your house early?
- Emergency: From a new job offer to a health emergency, anything can happen after you purchase a home and these happenings may be enough reason to pack up and leave. If you are selling your house because of an emergency, then you should get a cash buyer or monitor the sales process closely to ensure that you don’t end up with the shorter end of the stick.
- You’re flipping it: If you are a professional real estate investor, then you may be selling a house almost as soon as you purchased it because you are flipping it. If this is the case, it means you are a professional and you were most likely already planning to flip the house before you bought it. That’s fine.
- You bought it because it was “on-sale”: By “on-sale” we mean that the house was purchased on rather favorable terms for the buyer. You may have purchased the home in foreclosure, a short sale, or with a tax lien. Nevertheless, you can sell the house quickly and may even be able to turn a profit.
- It’s a good sellers’ market: If the value of homes is on the rise and your property has significantly appreciated unexpectedly, then it may be a good time to sell even though you hadn’t planned for it.
How to cut your losses when selling a newly purchased house
Except you’re a professional real estate investor, then chances are that you did not plan to have to sell your home and move so quickly. You should not only be asking”how soon can you sell a house after buying it,” but also thinking about ways to ensure that the sale is beneficial to you.
If you need to sell your house quickly for personal reasons, then you must ensure that you gain the most equity and that you get to keep the bulk of the money in your pocket. This means avoiding closing costs, expensive renovations, and any other fees that can be avoided.
The best way to do so will be to sell your property to a cash investor like Tammy Gazda. Tammy ensures that your home gets sold in no time, with no hassle, and at no extra cost to you.
Call Tammy today at (480)-848-7173.