Costs To Anticipate When Selling Your Home

It is always important to prepare for the expenses related to the sale of your home.  There are a number of areas that can add up leading to closing day.

This is a list of some typical costs associated with selling a home. Depending on your unique circumstances and location, other costs may apply and the amounts will vary.

Legal Fees, Disbursements and Commissions

When you’re involved in a financial transaction like the sale of your home, you will want to be sure you are protected. Your real estate lawyer will ensure that the buyer has made good on all terms outlined in the offer to purchase, and that you have met your legal obligations so that the deal may close. Legal fees vary, and the total cost depends on the extent of services provided.  There are many reputable lawyers throughout Whitby, Oshawa, Uxbridge, and Durham Region 

Utility and Property Tax Adjustments

This might not be a cost for you, depending on how your property tax and utility bill payments are scheduled. If you prepay these expenses, then you can expect the buyer to refund you the difference by closing day. If, however, you don’t pay these expenses in advance, it will be you paying the buyer for the amount accrued prior to possession date. The exact amount will be calculated by your real estate lawyer.

Home Inspection

A real estate home inspection is entirely optional, but we always recommend the use of a professional real estate home inspector.  Many sellers choose to perform a professional real estate home inspection before the buyer’s inspection (and sometimes even before the house is put up for sale). This protects the seller from any unpleasant surprises uncovered by the buyer’s inspector that might jeopardize the sale of their home.   It is also an opportunity to remedy any potential issues.  Performing this in advance allows you the opportunity to repair these issues.  Home inspections can range in price depending of the size of home.  We can recommend a number of inspectors for you.  

Repairs and Renovations

As the time approaches for your property to hit the real estate market, you will want your home to show to perfection!  Prospective buyers will typically be viewing a number of properties, comparison shopping for the absolute best home that fits their desired criteria. Some renovations can actually return your investment in the value they add to your selling price. Other minor repairs are expenses that you’ll just have to absorb in order to make your house attractive to buyers. Too many serious issues left unfixed may make a home unsellable.  Many minor repairs may result in a purchaser asking for a lower price.  Make the repairs.

Moving Costs

We can advise you on a list of professional and reliable moving companies.

Mortgage Penalties

Lenders have different ways of calculating mortgage penalties. It is important to speak with your mortgage advisor prior to listing your home to have an idea of the costs to expect. Some penalties can be in the thousands of dollars.  It is essential to know these details in advance of selling.  For more information on penalties, please speak with you mortgage advisor.

If you have any real estate questions related to selling your home, please contact Team Bryant at any time.