7 Costs of Selling Your Home
September 7, 2016
Selling your home? There are costs to consider before you take the plunge.
Before you put your home up for sale, you’re going to want to make sure to patch up any holes in the wall, provide a fresh coat of paint where needed, and provide any other minor repairs that you’ve been putting off for awhile. This is the time to put the money towards these repairs, because making sure your house is in tip-top shape will ensure that potential buyers will see it for all that it is worth.
This is for when its time to start showing your home. You’re going to want to prepare by cleaning up your house top-to-bottom. See this previous article that goes through tips and tricks for this. Getting professional help in staging is the best way to know that you are really setting your home up for success.
Your Home Selling Specialists will set up your home staging and include it as part of their overall service. See below for more information.
If you’re selling a condo in the GTA, buyers are going to want to see your status certificate. The status certificate describes the legal and financial health of the condo corporation. Generally speaking, preparing a status certificate will run at $100, but you’ll want to check with your condo board.
In Toronto, there is an ever-growing variety of service and commission options to choose from – and they all vary on the of services that they include and the level of quality. Realtor Commission usually is 5%, split between the selling and buying agent, but it’s important to know what this includes.
When you hire the Home Sale Specialists, you get home staging, professional photography, a complete website, online marketing tools, modern for sale sign, as well as professional real estate selling services to ensure you sell your home for the most and for less days on the market than the average Toronto home.
Legal fees will vary depending on the firm and value of your home. You can expect anywhere from $900-$1500 based on the average Toronto home price.
You will want to check the terms and conditions of your mortgage, but there may be some costs associated with transferring your mortgage, or closing your mortgage with your lender if transferring is not possible. There may be pre-payment penalties that could cost thousands of dollars. Make sure to talk to your mortgage broker or lender to ensure you fully understand the complete details of your mortgage.
There may be other closing costs depending on your property that your lawyer will go over with you. These could include outstanding property taxes, utilities or condo fees. You’ll also want to make sure that you continue to pay your property taxes and other utilities during the period that your home is for sale until the house is sold.
Find out more how your realtor can help you with these closing items. Start an application here today.