What Does It Really Cost to Sell a House in Mt. Juliet, and What Will You Net?
Your net is the sale price, minus what you still owe, minus the cost of selling. For most people, taxes on the profit are small or zero. Here is what actually goes into the number, so nothing surprises you at the closing table.
What are the six costs of selling a house in Mt. Juliet?
Your mortgage payoff. The balance you owe, plus any interest through the closing date. Your lender can give you an exact figure.
Agent commission. This is negotiable and set in your listing agreement. I will walk you through your options before you sign anything.
Tennessee transfer tax. The state charges $0.37 per $100 of the sale price or market value, whichever is higher. In Tennessee the buyer pays it, so it usually is not a seller cost. On a $600,000 sale it comes to $2,220, and it is part of your buyer's closing costs.
Title, closing and attorney fees. These vary by title company, so I get quotes instead of guessing.
Prorated property taxes and HOA dues. You pay only for the days you owned the home, so a prorated credit or charge shows up at closing.
Prep and repairs. This is the one line you control. Some projects pay you back. Many do not. I will tell you which is which before you spend a dollar.
Do not forget moving costs. They never show up on a net sheet, but they hit your wallet.
Do you pay taxes on the profit from selling your home in Tennessee?
Tennessee has no state income tax on wages or home sale profit. On the federal side, if you owned and lived in the home for at least two of the last five years, you can generally exclude up to $250,000 of profit, or $500,000 if you are married and filing jointly. Improvements you have made over the years raise your cost basis, which shrinks your taxable gain.
If you bought a long time ago and prices have climbed, run the numbers with your CPA. Some long-time owners are closer to the limit than they expect. I am not a tax advisor, so treat this as a starting point for that conversation.
How I help you decide
I build your net sheet before you decide to move, not after you list. Sometimes it shows the move makes sense. Sometimes it shows that waiting a year, or skipping a big renovation, puts more money in your pocket. Either answer is useful, and I will give you the honest one.
Want your real numbers?
Call or text me at 615-594-4063 and I will put together a net sheet for your home, no pressure.
Ready to start looking? Search homes in Mt. Juliet and the Nashville suburbs and I will send you listings that fit.
Dondi Tyler, Realtor and Broker, Benchmark Realty, LLC. Equal Housing Opportunity.
