If you have already downloaded our complimentary Seller’s Guide, the next step is to educate yourself on the driving factors that will influence the sale of your home, the cost to sell your home, and the importance of professional representation.
Driving factors that will influence the sale of your home
In general, homebuyers want to buy the most affordable home in the most exclusive area they can afford. With this in mind, look at your home from a buyers perspective, the home should live up to or exceed similar homes for sale in the neighborhood.
Unless you’re willing to forfeit a considerable amount of money on the negotiation table, some home repairs are essential.
- Wash windows, doors, and gutters
- Mow the lawn and ensure the garden is neat
- Clear the walkways of debris
- Address deteriorating brick, cement or asphalt
- Paint the home in neutral colors, to appeal to more buyers
- Replace burnt out light bulbs and repair all broken light switches and electrical outlets
- Declutter every room, including the basement
The costs to sell your home
Mortgage Penalties Your lender may charge you a penalty if you sell your home during the end of the mortgage term. This fee can run into the tens of thousands of dollars, so contact your lender to see what fees, if any, you may incur. Some lenders allow their clients to Port their mortgage, which entails transferring the mortgage to your new home, and getting a second mortgage for the remainder of the purchase price.
Legal Costs Legal fees will depend on the firm that is representing you. On average, the sale of a home will cost around $1,200. We know many good lawyers, and will happily help you pick the right lawyer.
Staging Costs Staging can range from freshening up a room and de-cluttering, to bringing in furniture. Sellers might have to budget for repairs, painting, and potentially storing excess furniture and clutter. In the GTA it’s not usual for the realtor to cover the staging consultation fees, but the cost of furniture rental is usually negotiated between the sellers and the realtor.
Pre-list inspections We are huge advocates of pre-list home inspections. A pre-list home inspection gives sellers the chance to proactively repair any deficiencies in the home before it hits the market. It also gives the Sellers the advantage of offering the Buyers the peace of mind that comes with a home inspection before placing an offer.
The biggest cost of selling your home is probably the agent and brokerage compensation. The total compensation paid is usually split between four parties: the seller’s agent, the seller’s brokerage, the buyer’s agent, and the buyer’s brokerage. It’s also subject to HST.
It’s important to consider where the commission is going. Discount brokerages, and agents, don’t provide the same offerings as full-service agents do, and their brokerages do not provide the same exposure, technology, and experience. Click here to discover what makes The Lourantos Group, and Sotheby’s International Realty a leading team and brokerage.
Our all-in commission model provides Sellers with the opportunity to achieve the highest price for their home.