So, you're thinking about selling your home in Ontario? Awesome! But before you jump in, let’s chat about what it’s going to cost you. Here’s the scoop on the main expenses you’ll run into:
1. Real Estate Agent Commissions:
- First up, if you’re using a Realtor (which is highly recommended), expect to dish out a percentage of your sale price, usually split between your agent and the buyer’s agent. Yeah, it sounds like a lot, but a good agent can really help you get the best price for your home.
2. Home Staging and Repairs:
- To make your place shine for potential buyers, you might want to stage it. This can run you anywhere from $1,000 to $5,000, depending on the size of your home and how much work it needs. And don’t forget about repairs! Spending a bit to fix things up can really pay off in the end.
3. Legal Fees:
- You’ll definitely want a lawyer to handle all the paperwork. Legal fees usually fall between $1000-$2000, depending upon adjustments. They’ll make sure everything is legit and squared away, so you can focus on the fun stuff.
4. Closing Costs:
- These are the sneaky little fees that can creep up on you. There might be costs like title insurance and adjustments for property taxes or utilities.
5. Moving Costs:
- Don’t forget about the costs of actually moving! Whether you hire movers or rent a truck, you’re best served to call in 3 movers and compare their services and costs before you commit. And don’t forget to budget for packing supplies and maybe even some temporary storage if needed.
6. Mortgage Payout:
- If you’ve still got a mortgage, you’ll need to pay that off when you sell. Check with your lender to see if there are any penalties for paying it off early.
7. Capital Gains Tax:
- If your home isn’t your primary residence, there’s a chance you’ll need to pay capital gains tax on the profit you make from the sale. It’s a good idea to chat with a tax pro or accountant to figure out what that might look like for you.
So there you have it! Selling your home can be a bit costly, but if you plan ahead, you’ll be in a much better spot. Happy selling! #OntarioRealEstate #HomeSellingTips #RealEstateCosts #PropertySelling #RealEstateAdvice #OakvilleRealtor
And don’t forget that you can connect with me for a 15-minute conversation, here’s the link to my calendar for booking - https://calendly.com/jennifer-bourikas/15min