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When you think about selling your home, it’s natural to start daydreaming about the returns you could earn on one of your biggest assets. However, when cashing in on your property, there are always a few necessary expenses you’ll need to plan ahead for.
As a homeowner, it’s important to keep in mind that there are a few costs of selling a house in Ontario. Many of the traditional expenses like commission fees and moving costs can be nominal. Depending on the state of your home, however, other fees like major home repairs or large marketing campaigns can end up costing more than you’d think.
To ensure you’re up-to-speed on your sellers’ responsibilities and what you should expect to be spending money on, we’ve put together our guide on the cost of selling a house in Ontario below.
In most home sales, the seller will be responsible for paying the agreed upon commission for the Listing Agent (the real estate agent representing you, the seller) and the Selling Agent (the real estate agent representing the buyer). This is standard for real estate contracts in Ontario and will be outlined in greater detail in the Confirmation of Co-operation, between you and your real estate professional.
Selling agents earn these fees by working hard to provide marketing strategies, sales plans, and network connections, all to help sell your home quickly and lucratively. The listing agent works hard to monitor and liaise with interested parties and prospective buyers.
While not always necessary, putting a bit of work (and a few bucks) into your home’s appearance and performance can result in some fantastic ROI.
Depending on what your home needs, you might be able to save some money doing minor repairs or improvements yourself. However, if you have any larger issues with your home you cannot take on yourself, it is much more safe and efficient to hire a professional.
Ensuring your home is up to base living standards before listing it on the market should always be considered a necessary cost of selling a house.
Painting and Staging
In today’s competitive selling market, making sure you take every measure possible to have your house look it’s best both in-person and online is crucial to helping it sell.
Potential home buyers want to walk into your home and be able to imagine themselves living there. For that reason, hiring professional stagers to reimagine spaces in a commonly appealing way has become a real estate standard.
As for painting, a fresh coat of warm, neutral colours on your interior walls will make your home feel fresher, brighter, and newer to potential buyers.
Though legal fees are generally less for a seller compared to those paid by a buyer, it will still be necessary for you to hire the services of a real estate lawyer.
When it comes to moving, this is where a lot of sellers hope to cut costs by enlisting the help of generous friends and family members. However, if you aren’t fortunate enough to be able to assemble your own benevolent squad of movers, hiring a professional moving company is the next best step.
Depending on the size, location, and amount of items you have, the costs will vary.
Is listing your house for sale on your mind? Make sure you get the help and guidance you need to complete a successful sale. We’ve helped countless clients sell their homes for their best market prices, and can help you sell yours too. Contact us here to learn how.