how do resales of a house work?

Question

can i buy new property and resell for a profit..what hidden costs are there.

Answer 1

No "hidden" costs. You have to pay all the legal fees etc.

If you don't live in the property then you have to pay capital gains tax.

Nothing is hidden.



.

Answer 2

Yes you can purchase a property new or lived in and resell if for a profit. Weather you make a profit or not will depend on how much you paid for the property and what you are able to sell the property for.

If you buy a property in a neighborhood for $200,000 and the houses are going for that same price then you will not make a profit. If you can purchase the same property for $150,000 there is a possibility that you could earn a profit.

There is always closing cost in the purchase and selling of real estate, nothing secret or hidden.

If you plan to do this you should go to a book store and purchase a few books on buying and selling real estate for a profit, profiting in the real estate market, buying and rehabbing and selling distressed properties.

I hope this will be of some use to you, good luck.

"FIGHT ON"

Answer 3

It is unlikely in the current US housing market that you can purchase a new property and sell it for a profit. Most likely you would have to keep this property for some time, build equity in it and then sell it for a profit.

There are no hidden costs, but there are many fees attached to the purchase of a home. You will spend thousands of dollars in closing costs.

Answer 4

There a quite a few costs involved. Closing costs, court costs, filing, brokerage fees etc. I would really learn a bit about the business if you're thinking of entering it. Seems like common sense, doesn't it?

Answer 5

no hidden fees but theres taxes etc you have to pay