Source Pexels Author: Redaction Filling out the IRS is always an extremely important annual step, remembering that it must contain all the information about the route you took that year. If you have sold a house and want to know if you should declare the same in the IRS this article will give you that same information. To begin with, yes, the sale of the property must be reported in the IRS, more precisely in annexes G1, box 5 - if the property was prior to 1989 - or G, box 4 - if the property was after 1989. If the sale originates from partitions, inheritances or parcels, you will have to fill in both annexes. The extra expenses components are also accounted for in the IRS, such as improvements to the property, energy certificates, IMT, stamp duty or even the costs of real estate mediation. The capital gains are calculated based on the profit made on the sale of the property, that is, if you sold the house at a higher price than it is really worth in the market and if you didnt use that value to buy a new home. In the IRS calculation, only 50% of the value is subject to tax so that in the end all the applicable deductions may be exercised. There are also exceptions where the capital gains tax does not exist, that is, houses before 1989 or situations where the profit value of the sales of the house is applied to the purchase of another with the same purpose. Having said this, it is important when filling out your IRS form to include the sale of the house so that everything corresponds to the legality of the process.
If you are looking to sell a property, in the month of May the probability of sale increases for those who place ads. According to the Zillow Group, an online company from the United States of America, the volume of supply of properties for sale in the first half of May increases, managing to speed up the process by about 18.5 days. However, the months of March and June are also favourable. They add that the most beneficial day of the week to promote and place ads for sale is on Saturday. This is because they have seen a 20% increase in visitors compared to the other days of the week. In relation to the seasons of the year, the Group mentions spring and autumn, since the days are longer and with milder temperatures, facilitating a greater availability on the part of the interested party in the house search. In the summer people choose to take holidays and leave their cities/homes. It will not be proposed the sale of property in this season, try to avoid as much as possible. Holiday seasons, according to the US company, the probability of selling a house to people looking to buy during the busiest period is relatively low.
When you own a property and want to sell it, you try to do it quickly. Many times this process is delayed due to the lack of application of some indispensable details to close a deal. Try to put yourself in the possible buyers shoes and think how he would like things to be done. This ability to put yourself in the other persons shoes will be a fundamental step towards doing a good deal and doing it faster. Follow some tips #1 Get rid of as much as possible That is, since you are going to sell your house, take the opportunity to go through the junk that you no longer need and is just taking up space. You will feel a relief and the house will be in better condition for when you visit. #2 Gather information Make sure you are well informed about the sale you are making and especially do not hide information from your potential buyer, be honest and have the right answer to everything you are asked. #3 Advertisements in several channels Look for ways to place your ad in several places in order to reach more people. #4 Important details Make reference to the area where the property is located and emphasize places like supermarkets, pharmacies, schools, etc. It is important to mention these details to sell your house, describe the information in the ad, but focus only on the most important. #5 Price Make an evaluation of your property to guarantee a fair value, so your sale will be honest and you wont have problems later on in the real estate market. Please note that you should be consistent in the price and the description of the property. The right thing to do is to make personal contact and not directly in the ad. #6 Hire an estate agent If you have great urgency in selling your house try to hire an estate agent. Bear in mind that later on you will have to pay them your commission. But it can be a good strategy if you are in a hurry, and think that you dont spend money on ads and marketing because the agent will do that work for you. #7 Visiting hours Try to set a schedule that is advantageous also for you, for an aesthetic point of view. #8 Photographs Look for that the photographs you will share of the property are of quality, and especially that the rooms of the house are presentable. Images are the business card to sell the property, focus and bet on them. #9 Remodelling Try to make small repairs and remodeling in the house, the sale will be faster. Painted walls, deep cleaning, shining ceramic tiles, its a great value for the property.
According to data by Eurostat, in 2021, the number of housing transactions, when compared to 2020, increased in most EU member states for which data is available. This increase comes after a drop in almost all countries in 2020 compared to 2019. Data on the number of housing transactions is available for 16 EU countries, the statistics office says. The largest increases in the number of transactions in 2021 were recorded in Spain (+39.3%), Bulgaria (+39.0%), Hungary (+22.9%) and Ireland (+22.2%). Two member states recorded a decrease in the number of housing transactions, the Netherlands (-3.2%) and Luxembourg (-0.8%). In this ranking, Portugal is in seventh place to register the highest increase, within the EU 16, with 19.4%. Eurostat also says that the growth in the number of transactions in 2021 followed a drop in 2020, when the Covid-19 blocking measures were implemented, in particular in the second quarter of 2020, leading to a temporary suspension of real estate activity in some countries. Housing transactions hit new record in 2021 According to data revealed by the National Statistics Institute (INE), specifically the 2021 Construction and Housing Statistics, 165,682 homes were transacted last year, which is a new high in the available series and a 20.5% growth relative to 2020. The same data states that of the total, 21.6 billion corresponded to transactions of existing homes (+34.2%) and 6.5 billion to new homes (+21.7%). The value of these transactions reached 28.1 billion euros, 31.1% more than in 2020. In 2021, the number of bank appraisals for housing credit exceeded 123,000, representing an increase of 24.8% compared to 2020 and a new high since 2009. According to the INE, this is the second year in a row in which the difference between the number of assessments and the number of housing transactions rose, from 71.8% in 2020 to 74.4% in 2021. House prices: Eurozone increases to 9.8% and Portugal to 12.9% According to data revealed by Eurostat, house prices rose, 9.8% in the euro zone and 10.5% in the European Union (EU), in the first quarter, with Portugal showing an above average increase (12.9%). Compared to the previous quarter, between January and March, house prices increased 1.7% in the euro zone and 2.1% in the EU.
When there is inheritance of property you also have to bear in mind that if there are outstanding debts they become the responsibility of the heir, i.e. if the deceased has left an outstanding credit this will be at your expense, if there is no life insurance behind it. If you have a property with a mortgage and you do not plan to sell it, gather as much information as possible in order to find out if this mortgage has the best conditions or if it is worth doing some research and make sure if the credit transfer will be the best option or not. Three steps that will help you in the process of selling the inherited property #1 Calculating capital gains As you may know, when you receive a property as an inheritance, it will generate capital gains, i.e. the profit that the seller receives. To calculate the total value of these capital gains you must take into account Sale Value; Charges with the purchase and sale - Will be works or investments that have favored the appreciation of the property, the IMT and the deed of purchase and sale of the house. In the case of inherited property, knowing the acquisition value is an easy process, according to the article 45 in the IRS Code, this value will correspond to the Stamp Duty liquidation value. Afterwards the acquisition value in the Caderneta Predial will be updated by the Customs Tax Authority with a correction of the value. #2 Considering the sale of the inherited property in the IRS Like everything else, the inherited propertys capital gains must also be declared in the IRS, the amount you raise with the sale of the respective property will be subject to taxation by the IRS, it will be subject to 50% of the profit, that is, half of the profit will appear in your IRS. #3 Formalize the deed Proceed with the deed of purchase and sale of the property, you may use a Notary Public or Land Registry Office, always bearing in mind that the costs added to the sale of the inherited property are under the responsibility of the buyer, such as the deed, IMT and stamp tax on the transaction and credit. If the inherited property has not passed into your name you will not be able to sell it, mortgage it or lease it.
From the moment the promissory contract is drawn up until the signing of the deed, the documentation of the propertys listing will be requested by the real estate agent in order to verify if everything is according to the correct parameters and the law to proceed with the deed. Documentation required Identification - All owners must have their citizens card; Land registry certificate - Document from the Finance Department that indicates the areas, confrontations and the amount of the patrimony of the respective property; Housing Technical Data Sheet - Only for properties with a year less than 2004; Energy certification - You must look for a technician from the Energy Agency (ADENE) who will issue you with the document; Utilization License - Declaration that exempts properties with a year less than 1951; Land registry certificate - Certificate of content, i.e., the document that shows that the property is registered at the conservatória predial; Permanent Commercial Certificate - In the case of companies, identification of the company where it shows the forma de obrigar that represents who has the power to sign the deed
The market study helps both parties to be aware of all the most important occurrences and without worrying about pressure or unequal circumstances. Using a comparative method is the most usual in these studies, taking advantage of the substitution principle, in other words when a buyer is informed he doesnt seem to be inclined to pay a higher price for a house compared to another with similarities. Gathering as much information as possible regarding data present in the real estate market or recent transactions in a certain area, where the property to be evaluated is located, is part of the evaluation process in order to determine the similarities between properties. Through the Market Comparison Method it is possible to stimulate the amount of real estate assets, this method helps to find the fundamental point to the analysis of transactions of similar properties. After conducting a more extensive transaction analysis it reaches an estimated value that conveys what the market trends are at the present time and also gathers all the characteristics of the property, which will determine the contribution to the final value with the duty to be reflected fairly and thoughtfully. When the seller intends to sell a property, he or she chooses a value that corresponds to his or her needs, be it to pay off debts or to obtain profit for other investments. However, the stipulated value for the sale of a property has to correspond to the following criteria: Typology of the property and its area; Specific characteristics of the property; State of conservation; Transactions, values and time on the market of comparable properties; Location of the property and its surroundings. The market supply is quite extensive, with a variety and individuality of proposals that does not facilitate the stipulation of a price list. It is necessary to resort to a professional in the area to act in the evaluation of the properties, so that when you are interested in putting your property up for sale, this real estate professional carries out a market study and thus finds the appropriate and fair market value for your property. Or you can consult the property valuation tool by Infocasa and in a few minutes you will be able to compare the information of your house with real market data and define a final price based on the current market.
The process of selling a house can become a real stress, since it covers a lot of bureaucracy and associated paperwork. From the evaluation, to the documents that are needed and even the deed, there are several steps and procedures to be completed and solved. So, follow these five tips associated with the process of selling a house, in order to uncomplicate it. #1. Value of the house The first phase before starting the sale will be the perception of the value of the property that you intend to sell. For that, you should look for houses with the same characteristics and in the same location in order to have a general idea of prices. To reach this value it is fundamental to conduct a market study. You can always hire a real estate expert and ask him/her to do a market study for you or you can consult the Property Valuation tool by Infocasa , and in a few minutes you will be able to compare the information of your house with real market data, defining a final price based on the current market. #2. Sell your house with the help of real estate experts After designing the price of the property to sell, it is essential to decide whether the sale is carried out on your own or with the support of experts in the industry. Advantages of selling your house with a real estate agent Experienced professionals Reduction of the transaction time of the property Help in collecting the necessary documentation Analysis of the market and evaluation of the value of the property Analysis of market prices Knowledge of the real value of the property Increased visibility in the promotion of the house Qualification of the property Wide contact network of the real estate agent Help in obtaining the loan or mortgage Knowledge of the area Preparation and scheduling of visits Negotiating final values Concluding the deal Easier and smoother selling process of the house #3. Publicizing the house and managing visits Giving visibility to the property that you intend to sell is essential to speed up the process. Therefore, you should advertise the property in one of the main real estate portals like SUPERCASA or CASA SAPO , since they are portals with great visibility and you can count on the help of specialists. Afterwards, it is necessary to pay special attention to the management of contacts, visits and interested parties. In this sense, it is important to have a flexible agenda that makes it possible to receive visits. #4. Necessary documentation Prior to the sale of the house, the owner must collect the necessary documentation. The main documents that must be gathered are Land Registry Certificate; Caderneta Predial Urbana (urban land registry); Blueprint of the property; Energy certificate; Ficha técnica de habitação. #5. Promissory contract and deed Finally, when a potential buyer needs to apply for a housing credit or if the deed cannot be done immediately, the best option is to make a Promissory Contract of Sale and Purchase (CPCV), to certify the security of the sale. After the contract is made and the details are aligned, the deed should be done in a Notary Office or Land Registry.
#1 Non-expert third-party opinion: The real estate appraisal has several procedures that have to be analyzed calmly when selling the house, the comparison to other properties to be well done takes time. Dont go by the talk of your acquaintances if they are not used to perform this type of evaluation. #2 Choosing a real estate consultant Choosing a real estate consultant who is specialized and professional in what he or she does is essential. The best thing to do is even look for proven results with name and experience, however, opt for a consultant in the area of your property. #3 Market Research This step is crucial in property valuation, gathering as much detailed information as possible is an excellent help in making a decision. In terms of demand and supply you will be able to measure and evaluate each one, however you should also take into account the elements and factors that add value to the property. #4 Comparisons Direct comparison of properties that at first sight seem equivalent to yours is not a good solution at all. When you want to sell a house you must take into account that the need for a concrete and individual analysis. #5 Hesitating to look for a professional The help of a professional with experience in the real estate market is an essential aid for the whole process. There are several elements that can add value to your home and you may not be aware of them, which the specialist will advise and accompany. #6 Emotional overvaluation Dont get carried away by the emotion of the memories and recollections you have of the property, it only harms you, because you end up placing a value above the real one. Potential buyers will not take into account your history, they are more focused on the location of the property, its state of conservation, etc.
Tips to help in the process of selling property at a fair price, faster and easier: #1. Hire a Real Estate Consultant A good professional who specializes in the real estate market presents training and experience to get you the best deal possible. He knows the local market well, has potential buyers in his portfolio, follows a marketing plan, and prepares a market study, thus helping the sale of the house. On the other hand, the consultant will hire a professional photographer, handle all the paperwork for the houses documentation, promote the property, negotiate the best price before a buyers proposal, among other fundamental factors in the selling process. #2. Documentation for a fast deed During the process of selling a house, nothing is worse than already having the deal agreed upon with a potential buyer and, later, not being able to quickly contract what was agreed upon. Both when making the promissory contract and later for the deed, it is necessary to present a series of property and updated documents. Certain entities that issue these documents, such as the city hall, for example, have very long deadlines for the delivery of the documents after their request. The delay in contracting the business may cause the potential buyer to give up. In this sense, it is essential to have everything prepared before putting the property up for sale. #3. Price of the property No potential buyer wants to make a bad purchase. According to some studies, 80% of the success of the sale of a property lies in setting a fair sale value for both parties. To achieve this value it is fundamental to conduct a market study. You can always hire a real estate specialist and ask them to do a market study for you or you can consult the Property Valuation tool by Infocasa , and in a few minutes you will be able to compare the information of your house with real market data, defining a final price based on the current market. #4. Advertising in real estate portals Gone are the days when putting a for sale sign in the window would be enough to sell the property at the best price. One of the best ways to sell the property at the best price is to get several interested parties and get more offers to buy. To do this, it is essential to promote your property on real estate portals, as most buyers search for properties on these sites. The greater the visibility of your property, the more chances you have to conclude the sale quickly. In this sense, promoting the property in one of the main real estate portals like SUPERCASA or CASA SAPO is a good option to quickly rent the property, because they are portals with great visibility and you can count on the help of experts. #5. Qualify the potential buyers before scheduling the visit In case the house is being promoted well and at a fair price, there is more chance of receiving more visit requests. Assuming that you dont have much to spare for visiting and you are concerned about your safety, the security of your property, you should ask the potential buyer certain questions before scheduling the visit. Such as, do you know the area? or is what you are looking for really a 2-bedroom apartment? or if you are going to use financing, have you talked to your bank? These are buyer qualification questions that you should ask so as not to waste time and buyers. #6. Preparing the property for visitors It is essential to make potential buyers fall in love with the property at first sight. To do this, you should highlight all the strong points in the property and repair everything possible to reduce the impact of defects in the house. Other aspects to take care of is cleaning and tidying up the house to free up space, illuminating, through lights and opening all the blinds, and repairing that light bulb that is already fused, or the faucet that spills water, or the doorbell that doesnt ring. Finally, remove the family photos, the most personal decorative objects, objects linked to religion, politics, or club tastes. The purpose is to make the potential buyer feel at home. #7. Be open to analyzing all offers When you get an offer lower than you want, you dont have to feel offended. All buyers try to get the best deal for them. Just as buyers always want to buy cheaper, owners always want to sell higher. The fact that someone is interested in the property and wants to make an offer is already a good sign of commitment. When you receive an offer, you dont have to accept it, and you can always counterpropose either the final purchase price, the deadline for the deed or the down payment on a promissory contract. If you cannot reach an agreement, the property remains yours. However, you should not close the doors at the outset, since there are several potential buyers who try lower values, but after they are already committed and emotionally involved with the purchase, they end up greatly increasing the offers made initially.
By using the natural light potential of the house, or simply by applying certain techniques and tricks with artificial lighting, it will be possible to increase the value of your home. With these lighting tips, not only will the house look bigger, it will also look cozier and more comfortable. In addition, the electricity bill will be lower. Lighting tips Any plan for decorating a property covers good use of lighting. Each dwelling has its own different qualities and strengths that should be taken full advantage of. In addition, there are also a number of ways that it is possible to implement in order to make any space more graceful and illuminated. #1. Natural Lighting Natural lighting in the house is the starting point. Natural light is, among all types of light, the most comfortable for human beings. To make the most of it, you can paint the walls in light colors. Also avoid dark curtains and thicker fabrics, as these impede the passage of light. One of the most used forms of lighting is placing mirrors in strategic places to reflect the light and extend it throughout the rooms. #2. Selecting the right lamp Choosing the right bulb is another way to enhance the lighting in your home. First of all, you should select LEDs, since the consumption of this type of bulb is very low, its durability is much longer, and, above all, it has a much lower ecological impact. The shape of the bulb is also important, which must be adapted to the type of lamp in order to diffuse the maximum amount of light. Finally, the light intensity (lumens) and color temperature. That is, if you want to obtain an ambient light for living and resting spaces, you should select lamps up to 400 lumens, with a yellow color temperature. On the other hand, if you want lighting for work spaces or with more luminosity needs, you should use lamps with more than 600 lumens and white color. #3. Attention to points of light When using light in the house, there is usually an excess of light points. However, having lots of light points does not mean that the house becomes brighter. In this sense, a balance must be made between the use and efficiency of each product, since by reducing the number of light points it is possible to save energy and euros. #4. Light design from scratch The perfect situation is to design the lighting project of a house at the time of its construction. This way, there is a certain easiness, both in the execution and in avoiding excessive expenses in the future. #5. Lighting by area Within each house, there are also several rooms, each with different lighting needs. In this way, an analysis should be made of each of the areas, their natural potentials, light points, and the objectives you have for them. Subsequently, outline what you want. #6. Special living room The living room is one of the rooms where we spend more time, and therefore it is one of the areas that requires more attention and planning. The living room environment usually calls for softer lighting, however, without making the environment dark. There are several options that you can use, such as indirect lighting in ceiling mouldings or the application of a control that makes it possible to raise and lower the light intensity. It is also possible to use more occasional points of light, such as floor lamps. #7. Choice of materials The selection of materials is an issue that influences the overall lighting in your home. Thus, you should evaluate well your possibilities, such as polypropylene, natural fibers, fabric, glass, iron, among others. However, it is essential to test them in the store before buying. #8. Indirect light points It should be noted that indirect points of light are excellent complements and aids to a good decorative environment in terms of lighting. In this way, you should bet on certain points of this type, enabling the spaces of the house to have this form of lighting more diffuse and punctual, ideal for times of day when you do not want lighting so strong and aggressive. #9. Integrated environments One of the most important aspects to consider when planning the lighting in the house is to maintain visual harmony. Only in this way will it be possible to enhance the space and create an advantage with the effort. Always keep some uniformity, whether in colors, materials or textures.
Some essential care when selling a property relates to the disclosure of the property, in order to highlight the positive aspects of the house. In this sense, follow the following principles in order to facilitate the whole process of selling the house. #1. Giving visibility to your property is fundamental to make the sale faster The greater the visibility of your property, the more chances you have to conclude the sale in a fast way. In this sense, advertising your property in one of the main real estate portals like SUPERCASA or CASA SAPO is a good option to make the sale quicker, because they are portals with great visibility and you can count on the help of experts. #2. Do not inflate the value to be given to the property When an owner intends to sell a house, he always tries to reach a negotiating margin. However, the price cannot be much higher than the real value, since this reduces the number of potential buyers and, therefore, the number of visits and proposals. In this sense, you must perform an analysis and understand what the market price is that matches the characteristics of your property, i.e., with the same typology, location, state of conservation, among others. To know how much your property is worth in a quick and easy way, consult the Property Valuation tool by Infocasa, and in a few minutes you will be able to compare the information of your house with real market data, defining a final price based on the current market. #3. Leave the emotional value of the house aside When it comes time to sell your home, you are likely to recall many good times spent with your family. However, this emotional connection may end up influencing you, causing you to miss out on a good deal. Therefore, you should focus your attention on what is really essential to the potential buyer, i.e. the equity value of the property. #4. Before disclosing, prepare This is one of the moments that can have the most impact on the home selling process. It is essential to prepare the home so that it looks inviting. You can invest in a specialized professional in order to take good pictures. In any case, you should always look for a time and day when the light is good. #5. Provide relevant information Detailed information is also a key aspect in capturing the potential buyers attention. Thus, the basic information that cannot be missing is Typology; Total area Area of each room; Architectural plans; Energy classification; Year of construction; Solar orientation; Exact location; Type of heating (gas, panels, electric, air conditioning); Type of stove (induction, gas, electric, mixed); Photographs of all rooms (general and detail). #6. Essential Improvements Essential home improvements are not necessarily a total renovation. Just getting rid of old carpets or decorative elements, validating that all light bulbs work properly, giving the walls of the house a coat of paint, repairing possible malfunctions, such as a faucet or a door that creaks. Note that the first impression is the one that counts and most buyers do not want to waste time or money on renovations. #7. Give buyers space When you start visiting, it is important to let the potential buyers move around the house at ease. The idea is to make it possible for them to feel at home and imagine themselves living in it. #8. Clean and organize the house This is the basic rule when it comes to visiting potential buyers. It is essential to leave the house clean and organized, especially in rooms like the kitchen and bathrooms. In rooms like the living room and bedrooms, it is important to remove everything that is excessive, offering a more clean and minimalist look. #9. Do not underestimate the first offer Several studies show that, usually, the first offer turns out to be the highest you may receive. If the house stays on the market too long or suffers from certain price fluctuations, prospective buyers begin to suspect that something is wrong with the house. #10. Keeping or hiding personal belongings during a visit When visiting the house, it is essential to get rid of family photos, fridge magnets, or other symbolic personal objects such as trophies, religious objects, among others. This way, it helps potential interested parties to imagine themselves living there. #11. Open the windows and curtains It is always more pleasant to visit a bright and spacious home. This way you should emphasize the positive points of the house you are selling. Get rid of the curtains, open the blinds, remove heavy and dark furniture, bet on mirrors and light colors. #12. Imagine yourself as the potential buyer A principle that helps in the home selling process is to put yourself in the opposite position and ask yourself what you dont like to see in other homes. Perform a self-evaluation.
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