More Than Just the Commission
Many sellers focus on the real estate commission when budgeting for a sale, but there are several other important costs to consider. Knowing what to expect upfront helps you plan for a smoother transaction and accurate expectations of your final proceeds.
Understanding the Core Costs
Here’s a breakdown of common expenses you might encounter:
1. Real Estate Commission
This is typically the largest cost and is usually a percentage of the sale price. It’s split between the listing agent and the buyer’s agent.
2. Legal Fees
You’ll need a lawyer or notary to handle the legal paperwork, title transfer, and disbursements. Fees vary, but generally fall between $800 and $2,000.
3. Pre-Listing Preparation Costs
This includes minor repairs, painting, cleaning, and landscaping. Even modest updates can cost a few hundred to a few thousand dollars.
4. Home Staging (Optional)
Professional staging can cost anywhere from $500 to several thousand, depending on the size of the home and how many rooms are staged. DIY staging still often requires spending on decor or storage.
5. Mortgage Penalties or Discharge Fees
If you’re breaking a fixed mortgage early, your lender may charge a penalty. You’ll also need to pay for the mortgage discharge to be processed.
6. Moving Costs
From truck rentals to professional movers, these costs depend on how far and how much you’re moving.
Optional Costs to Be Aware Of
Property inspection (pre-inspection to attract buyers)
Property appraisal (if needed for a private sale or dispute)
Condo document requests (if selling a condominium)
FAQs About Seller Costs
Can I avoid staging costs?
Yes — simple decluttering and clean presentation can go a long way. We can help you decide what’s necessary.
What about taxes?
In most cases, primary residences are exempt from capital gains tax. Investment or rental properties are subject to tax considerations.
Is professional cleaning worth it?
A clean home shows better and helps maximize your price. It’s a worthwhile investment for most sellers.
Know Before You List
Selling your home doesn’t need to be a financial mystery. By understanding the real costs involved, you can make better decisions and maximize your profit.
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— Urban Real Estate, Calgary