Having a vacation home in Utah that you can retreat to at a moment’s notice is a delightful luxury to have. It’s the perfect place to escape your daily responsibilities, reenergize yourself, and make precious memories with your friends and family. However, at some point in your life, you’ll likely decide that it’s time to part ways with your vacation property.

Whether it’s because you simply don’t use it as often as you used to, the hassles of maintaining it become too much, or you simply want an influx of cash, it’s helpful to understand the next steps after you initially ask, “can I sell my home for cash?” That’s why the team here at Cash4Homes has created this helpful guide to walk you through the process.

How can I sell my home for cash?

Understand the tax implications.

The IRS typically classifies vacation homes as a “personal capital asset.” That means, unlike your primary residence, there is no exemption from capital gains taxes when you sell it. Once the sale goes through, you’ll have to file a Schedule D with your Form 1040 on your taxes.

In Utah, taxes on capital gains can be as high as 28%, so before making the decision to sell and at what price, it’s essential that you factor in these costs.

Find the right time of year to sell.

If you’re asking yourself, “how can I sell my home for cash quickly,” then the answer is by putting it on the market at the right time of year. People who purchase vacation homes are often very excited to make it their own and start enjoying their new investment, so you want to list it before the busy tourist seasons arrive.

Depending on where your vacation home is in Utah, the ideal time will vary. If it’s near one of our 14 ski resorts, then you’ll want to sell it in the summer or early fall. However, if it’s closer to the many natural parks, it is best to sell before the spring and fall months arrive.

Make smart home improvements and repairs before selling.

It typically doesn’t make sense to invest large sums of money on significant renovations or home improvement projects right before you sell your vacation home, but doing prioritized and economic projects can help you maximize your return.

Things like adding new landscaping features, repainting walls in a neutral color, upgrading lighting fixtures, and renewing floor finishes go a long way. Not only do they make your home feel like new, but you won’t blow your budget on these types of improvements.

Schedule an appraisal and inspection.

Many people wait until they have an interested buyer before they have their vacation home inspected and appraised, but in reality, it’s better to do it early on in the selling process. If you wait, it can drag out negotiations and reveal costly problems with the property that’ll surprise you.

By having your home inspected and appraised early on, you can fix any major issues you want, and you can set a realistic asking price upfront. This allows you to attract more qualified buyers and work through the sale much more quickly.

Have you been asking yourself, “can I sell my home for cash?”

Then the answer is a resounding yes! The best part is you can do it without the need of a real estate agent who will take a percentage or the hassles of long, drawn-out negotiations with potential buyers. Our team here at Cash4Homes makes the entire process as simple and stress-free as possible.

If your home qualifies, you’ll get a fair offer, and you get to choose the closing date. No fees, No commissions. Just more cash in your pocket. Learn more about how our process works, or reach out to us online to schedule a call.