Wondering if you want to sell your home comes across the minds of every single person who has ever owned a home. The endless possibilities presented by getting a boatload of cash for your house and starting over somewhere new are very enticing. However, ...

 

Is It Time to Move? 4 Questions to Ask Yourself Before Putting Your House on the Market and more...



Is It Time to Move? 4 Questions to Ask Yourself Before Putting Your House on the Market

Wondering if you want to sell your home comes across the minds of every single person who has ever owned a home. The endless possibilities presented by getting a boatload of cash for your house and starting over somewhere new are very enticing. However, deciding to sell your home is only the beginning of a long line of time-consuming tasks.

Before deciding to jump on board with the full-time commitment of selling your home, you should ask yourself a few questions to make sure that you’re ready.

Is it the Right Time to Sell?

You bought your house over ten years ago and the process was relatively simple. You found the house you wanted, made an offer and eventually moved in. Well, selling your home now might not be as easy in the market of right now as it was to buy back then. Is the market your house is in a buyer’s market or a seller’s market? Knowing this can make the difference and not only save you in real estate agent fees but a whole bunch of time won’t be wasted.

If other homes in the area aren’t selling well, then it might not be a good time to sell. However, if they are, how much are they going for? If they’re selling above the market average, chances are you’ll be able to get a similar home above market price. Alternatively, if houses in the area are going for under market value, you can expect that to happen as well.

Why Do You Want to Move?

You’ll need to be as honest with yourself as possible. Do you want to leave because you don’t like the neighborhood? Were there unforeseen issues with the property that make it unlivable? Perhaps your family is just expanding and you need something to accommodate the new people in your life. Whatever the reason, it’s important to understand what is making you leave, so you know what to look for from a new property.

What Should Potential Buyers Know About the House?

It’s important to note things that a potential buyer would want to know prior to buying the house. Use the honor system when considering these factors. Would you want to know if the area has a problem with noisy neighbors or vandalism? If there are some things that come with the house that could be perceived as nuisances, you must disclose them to the potential buyer.

Do You Know Where You’re Going After the Sale is Final?

This might seem obvious, but it is an important part of moving out of a home. What will your next step be? If you’re moving so that you can retire, maybe you’d like to buy a beachfront property or a cabin up in the foothills of your area. This can make a huge difference in how your homeowners insurance quotes compare to one another. A beachfront property is likely to be much more expensive than something more manageable in the suburbs, but it is entirely up to your discretion.
No matter if it’s your first house or your tenth, selling a home is a complex and unique experience that requires care, passion and time. In order to see the best results, don’t rush the process and be as prepared as possible.

        
 

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Do I Need An EIN If I’m Filing For A Sole Proprietorship?

If you are self-employed, or freelance as an independent contractor, you will need to declare your status for the IRS. This can be done in several ways, including making your business a sole proprietorship. If you are applying as a sole proprietor, you have an option as to whether or not to get an EIN. Below is a bit more information on why you may not need an EIN, but will perhaps want one anyway, in which case you can apply for an EIN online.

Do I Need an EIN?: If you are a sole proprietor who does not file pension or excise tax returns, you do not need an employer identification number (EIN). However, you still need to apply for a federal tax ID which, if you don’t have an EIN number, will be your social security number. While skipping the application process is convenient, there are quite a few benefits to getting an EIN.

Why Apply for EIN Online?: You can apply for an EIN online and get your number immediately. This number will forever identify your company and will allow you to expand your company in the future. If your company stops making money, or you decide to pursue a different career path, you can close your account with the IRS for that business. If won’t erase the EIN, but you’ll no longer pay taxes, and you will have a chance to re-open with the same EIN in the future.

EIN Benefits: An EIN also allows you to do things like file for bankruptcy, have a Solo 401K retirement plan, partner with other companies, buy or inherit a company, or hire employees. Using an EIN instead of a personal social security number also helps protect you and your proprietorship from fraud, and makes you look more professional to potential employers.

The IRS has clear guidelines on who can apply for sole proprietorship, instead of for other tax categories. If you are uncertain, contact them as soon as possible to get the information you need to file correctly; this will save you a headache in the future.

        
 

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