If you are planning to sell your property in the coming year, you may be surprised to find that many direct and indirect costs can impact the net amount you can get. To avoid unpleasant surprises, planning is essential.
Here are some of the most common costs to expect when selling a home:
The renovations
To attract as many potential buyers as possible when putting your property up for sale, it is often necessary to carry out certain alterations. Some jobs may be minor and require little attention, while others, such as re-roofing, water heater replacement, or electrical upgrades, can represent significant expenses.
The bank
If you sell before you have repaid your mortgage in full, you will have to pay your financial institution a prepayment penalty. The amount of this penalty varies depending on the terms of your mortgage loan and can reach several thousand dollars.
The notary
Contrary to what one might think, notary fees linked to a real estate transaction are not exclusively borne by the buyer. When you sell your property, the notary will have to cancel your mortgage, which will result in discharge fees of a few hundred dollars to complete the deed of sale. In addition, the notary will inform you of the remaining amounts to pay for municipal and school taxes, which must be paid until the date of sale of your house. If you usually pay your taxes in advance, you may be eligible for a refund.
Moving
Whether you decide to take care of the move yourself or call on a specialized team, you should not underestimate the costs associated with it. They may include truck rental, labor fees, mileage fees, insurance and possibly temporary storage fees. Don’t forget that pizza and beer for friends who lend you a hand aren’t free either!
The real estate broker
Although our services are free for buyers, when the time comes to sell, a small portion of the sale price is paid as commission to the broker who accompanied you throughout the transaction. Saving time and money has a price!
If you are curious to know more, give me a call! The evaluation of your property is free and I will be happy to give you advice along the way so that you can make an informed choice.
