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Reno Realty

Cell: 775-219-6413

Real Estate of Reno Sparks
5365 Mae Anne Ave.
Suite A-6
Reno, Nevada 89523

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If you’ve decided to sell your Reno Nevada Real Estate, chances are you’re caught up in a host of emotions. You may be looking forward to moving up to a new dream house or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new adventures.

Whatever turbulent feelings you’re experiencing right now, there are plenty of practical matters that need your attention. Keep in mind the following considerations to help the whole process go more smoothly.

IRS offers Tax-Free Capital Gain from a Home Sale

In 2003, the IRS issued new liberalized rules interpreting the law that allows tax-free capital gain on the sale of a principal residence, and a federal court issued the first ruling interpreting Internal Revenue Code 121.

IRC 121, enacted by Congress in 1997, offers up to a $250,000 principal-residence tax exemption for an individual and up to $500,000 for a married couple filing jointly.

To qualify, the sellers must have owned and occupied their principal residence an "aggregate" two of the five years before the sale. Occupancy need not be continuous, nor must the residence be the seller's principal residence at the time of sale.

For example, if the seller owned and occupied the home for two years, and then rented it to tenants up to three years, the sale qualifies. The exemption can be used repeatedly, but not more than once every 24 months.

The method of holding title is not important. For a married couple to claim up to $500,000 tax free, only one spouse's name need be on the principal residence title, providing both meet the occupancy test. Or, if title is held in a living trust, new IRS regulations clarify that the full tax exemption is still available.

Gone are the pre-1997 principal-residence tax rules involving the need to buy a replacement home and the once-in-a-lifetime "over 55" age restrictions.

It’s a good idea to place your Reno Nevada Real Estate on the market as far in advance as possible of purchasing a new one. If you find a new home first and then try to sell your present home, you may wind up with two mortgages. If this does happen, ask your real estate agent or banker about a bridge loan to help you make the double payments. Lenders use the same criteria for offering bridge loans as they use for mortgages. Should you qualify for a bridge loan, beware of the expense; during the term of the loan you must continue to pay both mortgages. Shop around for the best terms.

Keep in mind that when people move, sell and buy, there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. Put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply.

Check Your Curb Appeal
A home that’s visually appealing and in good condition will attract potential buyers driving down the street. Use this checklist to view your property through an outsider’s eyes.

Are the lawn and shrubs well maintained?
Are there cracks in the foundation or walkways?
Does the driveway need resurfacing?
Are the gutters, chimney and walls in good condition?
Do the window casings, shutters, siding or doors need painting?
Are garbage and debris stored out of sight?
Is the garage door closed?

On the Inside
Strong curb appeal will lure potential buyers inside, where you have to live up to their expectations. Fortunately, there are plenty of easy improvements you can make to your home’s interior without spending a lot of money. Cleaning is No. 1. Your windows, floors and bathroom tiles should sparkle. Make sure you have clean heating and air conditioning filters. Shampoo dirty carpets, clean tubs and showers, repair dripping faucets and oil squeaky doors. Keep your home neat, clean and picked-up at all times. It may not seem fair, but a peek in the oven may be the hallmark by which a buyer judges how well you have kept up your home.

Remove unnecessary clutter from the garage, basement, attic, closets and straighten stored items. Also remove any items that might make a statement that would be offensive to others who may not share your same views, beliefs or sense of humor. If your home is crowded with too much furniture, consider putting some things into storage. If a room needs a fresh coat of paint, use a neutral off-white. Think, too, about how your home smells. You may be used to the smell of a pet or cigarettes, but such odors can be a strong turn-off to others. Be certain to remove valuables such as jewelry and other items from view. It might be wise to put these items in a safe deposit box before showing your home.

Finally, set a mood for the buyer. Make your house homey with live flowers and fresh guest towels in the bathroom. Place scented potpourri around the house or, on the day you’re expecting a potential buyer, pop a batch of frozen cinnamon rolls into the oven for a welcoming aroma. Remember, cosmetic changes do not have to be expensive. In fact, costly home improvements do not necessarily offer a good return on your investment when you sell.

It’s attention to the basics—anything that says “this home has been carefully maintained”—that will help you get the price you want.

Kelly Richmond REALTOR®, CRS, e-PRO, ABR, GRI
The #1 Exclusive BUYER AGENT in the Reno/Sparks Area
FIVE years in a row, per Volume of Sales NNRMLS
Contact Kelly to BUY or SELL !

Call 775-219-6413

Kelly Richmond REALTOR®
License #S.0063483

Real Estate of Reno Sparks
5365 Mae Anne Ave.
Suite A-6
Reno, Nevada 89523

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