How much will it cost to sell your Edmonton home? While the answer will vary according to your unique selling situation, here are a few expenses you’ll want to prepare for ahead of time.
While optional, scheduling an inspection before you list can help streamline the sale of your home. Not only will a pre-listing inspection allow you to identify and address repairs and hidden issues ahead of time, but it will also instill buyer confidence and minimize negotiation time.
Home Repairs and Upgrades
Improve your home’s value (and sale price), by tackling necessary repairs and renovations beforehand. These may include addressing larger ticket items such as roof or siding repairs, HVAC, plumbing, etc. You may also want to consider boosting your home’s appearance by taking the time to declutter, adding a fresh coat of paint, increasing your curb appeal, and more.
See our previous post: 6 Simple Renovations to Make Before Selling
Home staging creates instant appeal for buyers by making your home look larger and well-maintained. In fact, staging before selling has been proven to sell a home faster and, in some cases, for more money. Of course, if hiring a professional stager simply isn’t in your budget, there are plenty of easy and affordable home staging tips and tricks you can employ on your own.
See our previous post: The Essential Do’s and Don’ts When Showing Your Home to Potential Buyers
Remaining Mortgage Amount
As the decision to sell may depend on how much you owe on your mortgage, we recommend getting in touch with your mortgage provider in advance. Porting (transferring) your mortgage to your new home may also be an option depending on the conditions outlined in your contract.
Depending on your mortgage terms, opting to break your current contract may result in prepayment penalties. These costs will vary according to the lender but are typically the greater of three months’ interest on the amount still owing or the interest rate differential. Be sure to use a mortgage prepayment charge calculator to determine how much you can expect to pay in penalty costs.
Closing Costs and Other Fees
Although the home buyer is typically responsible for the majority of closing costs, as a seller, there are a few closing-related charges to prepare for. These include:
- Legal Fees
- Overdue Property Taxes (if applicable)
- Title Insurance / Real Property Report
- Condo Documents
- Moving Costs
Note: Your REALTOR® will go over any closing-related costs with you ahead of time
Real Estate Fees
Depending on the REALTOR®, agent-based fees may be negotiable. Keep in mind, most reputable agents will disclose their costs ahead of time and work with you to come up with an arrangement that is both reasonable, affordable and fair.
Thinking about selling your Edmonton home? Find out what your property is truly worth with the help of our FREE Market Evaluation! We also invite you to take advantage of our many free seller’s reports, guides and other resources.
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