How Much Money Do I Keep When Selling My Home?

By Joy Daniels

In her position, Daniels is a listing specialist who works with sellers to achieve their specific real estate goals while helping them to understand their home’s value and the current local market.

How much money do I keep when selling my home? This is one of the biggest questions that sellers ask. People tend to oversimplify their estimates and end up disappointed. Figuring out how much money you’ll get from a home sale is more than just subtracting your remaining mortgage loan balance from the sales price.

The reason why homeowners have unrealistic expectations is because they don’t know how to calculate their net proceeds. To get an idea of what your net proceeds are, start by using an online home value estimate calculator. This is a free tool that shows you how much your home is worth. This is not guaranteed because the numbers will fluctuate. However, this will at least give you a good ballpark figure.

After getting your home’s estimated sale price, subtract the balance of your remaining mortgage loan or loans, and subtract your expenses. That’s how much money you get to keep. If you want some help with calculating your bottom line, I am happy to prepare a seller’s net cost sheet, reflecting the purchase price less the expenses. This will give you a good idea of what your net proceeds will be.

Identifying your expenses is also important. There are a lot of expenses that can come up, like staging costs, closing costs, title and attorney fees, taxes, and more. Don’t be discouraged; there are ways to reduce your costs. Increase the money you get to keep with the help of a professional real estate agent. A great agent will secure you the biggest and best sale price possible.

Our listing specialists are ready to help you understand the expenses associated with the sale of a house. Feel free to call (717) 695-3177 or email info@joydaniel.com. Let us arm you with the knowledge of what your bottom line will be.