Change is in the air; everyone in your household is excited about whatever might come next. At the same time, everyone might also be a little nervous about the unknown, and in the midst of all the bustle and activity, you’re tasked with the project of selling your house.
For many people, the idea is daunting, not just because of all of the work involved. There’s also a lot at stake with this transaction. Less-than-stellar results could limit your options for your next move.
On the other hand, achieving top dollar opens up possibilities while giving you a comfortable cushion in your budget. If anything eases the financial stress of moving, it’s maximizing the sale of your home as much as humanly possible.
A big part of a successful outcome is to fully understand how much it costs to sell a house in Ontario. Most real estate experts will recommend setting aside 6% to 8% of the total selling price to comfortably cover all closing fees and costs of selling.
Where does all of this money go? Today, we’ll explore the topic in more detail.
Do you want to get and stay up to date with everything going on in Kingston and the local real estate market? Get all of that and access to our latest listings by subscribing to our newsletter.
The Cost of Selling a House in Time and Effort
Not every cost has a dollar figure attached to it. Getting ready for a sale will also take time and energy. If you’re rushed and under pressure, selling a house can be rather stressful. That’s why one of our best pro-tips is simple; start early whenever possible.
You will spend an equal amount of time cleaning, organizing, decluttering, gathering boxes, packing, and creating labels, whether the job is crammed into a few short weeks or spread out over months. The difference is in the level of stress you have throughout the process.
To put it in dollar terms: imagine you have just received a $5,000 bill in the mail. Having to pay it all at once can be taxing. If you can spread it out over 6 months, it’s far less burdensome.
Looking for more tips to enhance your results from your home sale? You’ll find plenty in the posts below:
The Cost of Preparing Your House for Sale
Some costs associated with selling a home are intangible; others are very real and measurable. The general principle is that the more beautiful your home appears, the more buyers will be interested.
If multiple buyers are all intrigued all at once, you have the greatest chance of a top-dollar sale. It sounds logical and simple so far, but here’s where it all gets complicated.
Imagine that applying a fresh coat of paint throughout adds $5,000 (or more) to your final selling price. The cost to hire a professional painter is $3,000. That leaves you with $2,000 in profit. Since painting is one of the greatest and easiest ways to get a positive return on investment and sell your home faster, it is almost certainly a worthy investment.
Now, let’s look at some of the finer nuances of home improvements.
There are renovations you think will impress buyers, but have absolutely no impact at all. Or, in the worst-case scenario, the buyer wants a discount because your idea of an upgrade is the first thing they’ll want to redo. Everyone has different tastes, and home improvements can be a big gamble if you’re not immersed in the market every day.
Your role is to commit to going all out to bring the most beautiful home possible to the market. Your real estate agent will be there to ensure you don’t invest in anything unnecessary. However, taking care of issues in advance and keeping on top of regular maintenance items leads to greater buyer excitement.
If you work with Caldwell & Co. to sell your home, you can rest assured that every project will have an impact. Even more importantly, you’ll have an expert network by your side to make it all happen with minimal effort.
Legal Fees Associated With Selling Your House
Every home seller in Ontario needs a lawyer to ensure a seamless close and to register the new title. Once you accept an offer, they’ll work behind the scenes to review the Agreement of Purchase and Sale, discharge your existing mortgage, if applicable, and facilitate the transfer of funds.
The total fee will vary depending on the structure of your house and the complexity of the transaction.
- If problems arise, lawyer fees will increase accordingly.
- If the title search comes up clean, fees will understandably be lower.
So, you’ve decided to sell your home! One of your first steps is to get an accurate assessment of what it’s worth in the current market. To find out, book your complimentary home evaluation with our team.
An Investment in Professional Guidance
The average real estate commission in Ontario will vary depending on the agent and the customized service provided. Any way you look at it, this is typically the biggest closing cost for the seller. Plus, whatever the percentage is, remember to account for the HST.
However, with the right agent, real estate commissions represent more of an investment than a cost. Look at it this way:
If you avoid a $70k renovation that makes no difference to your results, or invest a few hundred dollars to enjoy a massive return, the cost of expert guidance is well worth it. Getting all of the nuances of the sale right while avoiding all of the pitfalls can mean you can end up with far more in your account once your transaction closes.
Even more importantly, you’ll benefit from a sense of peace of mind you may not have realized was possible during a time of transition. Every step of the way, your questions are answered, you feel supported, and you can move with confidence to whatever comes next.
Are you getting ready to sell a house? Our Kingston real estate agents are happy to help and guide you through each step and make your sale a success. Reach out to us at caldwellco@royallepage.ca or call 613.449.6588 today.
Meet Your Market Guides
Caldwell & co. is your all-in-one resource for everything real estate related in Kingston, from community highlights to market-shifting trends and hands-on transaction guidance.
