Costs to Expect When Selling a Home

Are you planning to sell your home in the next year? You may be surprised to learn that there are many direct and indirect costs that can quickly impact the equity you could potentially generate.

To avoid unpleasant surprises, planning remains the key. Here are some of the most common costs to anticipate when selling a home:

The work

In order to attract as many potential buyers as possible when putting your property up for sale, several touch-ups are often necessary. While some work can be considered minor since it requires very little attention from the seller or buyer, other more important work such as repairing the roof, replacing the water heater or upgrading the electricity can represent significant expenses.

The bank

If you sell before having repaid your mortgage in full, you will have to pay your financial institution a prepayment penalty. Although penalties vary greatly depending on the terms of your mortgage, they can reach several thousand dollars depending on the situation.

Are you also a buyer? With a prime rate set at 4.5%*, the interest on your new mortgage could be much higher. Here is an additional element to consider before selling.

The notary

Contrary to popular belief, the notary fees associated with a real estate transaction are not exclusive to the buyer. When selling your property, the notary will have to cancel your mortgage. A discharge fee of a few hundred dollars will then be requested to complete the deed of sale.

The notary will also tell you the remaining amounts to be paid for municipal and school taxes. These taxes must be paid until the date of sale of your home. Do you always pay your taxes in advance? Smile, because it is more like a refund that awaits you!

The move

Whether you decide to do it yourself or opt for a team specialized in the field, moving is an expense that should not be taken lightly. The costs associated with a move can include truck rental costs, labor, mileage costs, insurance or even temporary storage costs.

And unfortunately, pizza and beer aren’t free either!

The real estate broker

Do you like the idea of ​​saving on commission? Proprio Direct stands out with its unique offer that allows you to find your buyer while benefiting from the services of a real estate broker from the beginning to the end of the transaction and benefit from an advantageous commission rate. It’s a simple and current formula that offers you the best of both worlds to sell under the best possible conditions.

Source : Proprio Direct Inc