Selling a home can be an exciting and overwhelming time in a homeowner’s life, which is why it’s best to be fully prepared before diving into the process. While we’ve previously touched on some of the aspects that are involved in selling a home, in this blog, we’re going to be focusing solely on the costs.
By knowing what to expect and save for upfront and ahead of time, you can prevent any costly surprises. This will help make the home selling process much easier and less stressful. So, are you ready to sell your home? Here’s what you can expect it to cost:
Home Preparation Costs and Fees
Before listing your home on the market, there are a number of costs associated with getting your home in tip-top shape and prepared for photography and viewings. While you may not think these fees are worth it, in the grand scheme of things, spending a little extra money could help you receive a better offer. Making it well worth the price!
Repairs and Maintenance:
This cost will depend solely on the state of the home before it goes to market. For some homeowners, little to no repairs or maintenance will need to be done, however, for others, the cost could be upwards of a few thousand dollars.
To ensure you’re prepared, give your home a good walk-through and assess its state, making note of any repairs, such as painting, caulking or purchasing exterior planters, that need to be done. Once you have a good idea, you’ll be able to quote the cost of this step.
To ensure your home looks clean and is highlighted in the best light possible for photography, it is highly recommended that you hire a professional cleaning service to tidy up your home.
This is another cost that differs from home to home, as the square footage and the number of rooms are all factors that affect the fees. However, based on our experience with various clients and home sizes, homeowners can expect to pay anywhere from $300 - $500 for this service.
This is another highly recommended service to ensure your home shows in the best light possible for photos and viewings. Again, the price will differ depending on the number of windows that need cleaning, however, based on our experience, this service typically costs, on average, about $300.
Home Staging and Consultation:
We’ve previously touched on the key benefits of staging a home which you can learn more about here. While we can’t speak for all real estate agencies in and around the GTA, at Joette Fielding Group, this service is free of charge.
Home Closing Costs
Your home has sold, congratulations! The process may almost be over. However, there are still a few more fees that will arise before the deal is finalized.
We always recommend that our clients speak to their lawyers at the beginning of their home selling process and ask for an estimate of their legal fees. While this is not an exact amount, it does help give a rough estimate of what homeowners will need to be prepared for.
In our experience and as of late, Legal Fees are typically in and around the $1,500 - $3,000 range.
Closing Adjustment Costs:
In addition to Legal Fees, homeowners will need to be prepared to pay closing adjustment costs. These costs are adjusted by your lawyer for utilities and differ greatly for each homeowner.
Since the costs vary, we’re unable to provide an exact or accurate range. Instead, we recommend homeowners take note that this fee will need to be cared for and suggest that homeowners speak with their lawyer to get a better idea as to how much this will cost.
Homeowners can also expect to pay a realtor fee. This fee is approximately 5% of the sale price of your home, so for example, if your home sells for $750,000, you can expect to pay $37,500.
This fee covers everything from the marketing that your realtor will provide to gain exposure for your home to working with the listing agent of the prospective buyer to get the deal finalized.
Once the deal is done, it’s time to move out and into your new home. Some may choose to utilize their family and friends to move from one place to the next, in which only boxes and a uHaul rental may be needed. Others, however, may hire movers and other items such as a uHaul truck, dollies and furniture pads.
Regardless of the situation, it’s important to note that there will be costs associated with the move. Homeowners should be prepared to spend anywhere from a few hundred dollars to $3,000.
From cleaning and staging to moving out, there are many fees associated with selling a home. This is why it’s important to make note and be well aware of all the costs so that no surprises arise that you are unprepared for.
If you’re getting ready to sell your home, we recommend sitting down and speaking with your realtor to go over in more detail all the costs that will come up during the process. After all, it’s better to be over-prepared than not prepared at all. If you need more guidance or home seller information, we’re here to help. Download our Free Home Seller Guide or contact us for a consultation today.