Planning is the key to avoid unpleasant surprises. Here are some of the most common costs to plan for when selling a home:
Renovations
In order to attract as many potential buyers as possible when you put your property up for sale, you will often need to make a number of alterations. While some work may be considered minor, requiring very little attention on the part of the seller or buyer, other, more important jobs such as repairing the roof, replacing the water heater, or upgrading the electrical system can represent major expenses.
Financial institution
If you sell before paying off your mortgage in full, you'll have to pay your financial institution a prepayment penalty. While penalties vary widely depending on the terms of your mortgage, they can run into the thousands of dollars, depending on the situation.
The notary
Contrary to popular belief, notary fees associated with a real estate transaction are not exclusive to the buyer. When you sell your property, the notary will have to discharge your mortgage. You will then be charged a release fee of a few hundred dollars to complete the deed of sale.
The notary will also tell you how much you still have to pay in municipal and school taxes. These taxes must be paid up to the date of sale of your home. Do you always pay your taxes in advance? Smile, because you're looking at a refund!
Moving
Whether you decide to do it yourself or opt for a specialized moving team, moving is a cost not to be taken lightly. Expenses associated with a move can include truck rental, labor, mileage, insurance, and temporary storage costs.
And unfortunately, pizza and beer aren't free either!
Real estate broker
Like the idea of saving on commission? Proprio Direct stands out for its unique offer that allows you to find your buyer while still profiting from the services of a broker from the beginning to the end of the transaction and from a favorable commission rate. It's a simple yet cutting-edge formula that offers you the best of both worlds!
