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A few points to remember if you are planning to sell your house

By Ambari Datta Gupta
A few points to remember if you are planning to sell your house
If you want to sell your house then you must remember certain basic but important things. You should think about issues like capital gains tax liability that may arise, getting the correct pricing etc. Doing your homework will save you from unnecessary harassment at a future date. Here are a few things to ponder over.

1. Capital gains tax: Since house is considered as an asset by the Income Tax Department you have to pay capital gains tax if you sell your house at a profit. The tax is levied on the sale of non-convertible assets when the sale price exceeds the cost price. If you sell your house within three years of holding it then you have to pay short term capital gains tax. On the other hand, if you hold it more than three years then you have to pay long term capital gains tax after considering indexation. Know here how to avoid capital gains tax.

2. Information about the market: You should have the right information about the real estate market. That is you should track the prices of houses being sold in your city as well as in your locality.

3. Set the price: Price setting is another difficult job. You should be cautious so that your house is not over-priced. But try and get a fair value and do not under price the same as buyers may think that there are some issues pertaining to the place. If you have information about real estate market then it will be easier for you to strike the right price.

4. Marketing your home: Nowadays, everything depends on astute marketing. After you set the price you should market your house properly in order to reach out to the maximum number of buyers. You can give advertisements in newspapers, online media houses, radio channels etc. At the same time inform your friends and acquaintances about your desire to sell.


5. Time: If you are selling your house then you must devote some time to it. You should be ready to take the pain of showing the house to prospective buyers. If you don't have the time then you can think of hiring professional you will take care of everything without your minimum supervision.


If you prepare yourself before hand then selling your home is no such big deal. Be sure that you repair the broken woodwork or any other things. Also give importance to painting as a well painted house attracts buyers.

Story first published: Friday, July 4, 2014, 11:52 [IST]
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