How Much Does it Cost to Sell Your Home?

Jul 4, 2022 / Selling

Regardless of where you’re moving next, selling your home marks the beginning of a new chapter in your life. If you’re looking to sell your home soon, It’s important to recognize the involved costs before you enter the market.

From value-boosting upgrades to taxes, fees and agent commissions, we’ve put together a quick overview of some common costs you may encounter when selling your property. 

Of course, no two properties are the same, and costs will range based on each seller’s unique circumstances. For a more detailed analysis, ask your real estate agent. They can assess your home’s existing value and provide you with a more accurate estimate of additional costs. 

Looking for an experienced agent who can guarantee the successful sale of your home? We can help. Explore our approach to selling here

Pre-Market Upgrades

In some cases, your home may need to undergo upgrades or renovations before it can be sold. 

This could include anything from foundational repairs to replacing kitchen appliances. Of course, upgrade costs will vary based on the unique condition of your home. However, most agents recommend spending no more than 1-2% of your property’s total value on preparatory home improvements. 

If you think your home will require upgrades before you’re ready to sell, ask your real estate agent. They can determine which items are essential 

Staging

In today’s market staging is a critical part of the selling process. Great staging helps you attract more potential buyers. Plus, staged homes typically sell faster and for more money than unstaged homes. 

How much you’ll need to spend on staging will vary based on local design trends and your home’s existing furnishings. That being said, many sellers opt to stage based on the ‘3X’ rule. Meaning however much you choose to invest in staging, you can expect to add 3 times that number to the sale value of your home. For example, if you invest $10,000 in the staging process, you can see a listing value increase of $30,000. 


Want to learn more about preparing your home for the market? Check out these blog posts. 


Real Estate Agent Commissions

One of the biggest costs you’ll incur as a seller is agent fees. In Canadian real estate transactions, the seller is responsible for paying agent fees, which are then split between the agents of the buyer and seller. Your costs will be unique to your listing agreement, however, agent fees typically cost between 3% and 7% of a home’s final sale price. 

In Ontario, you’ll also be required to pay HST on your agent commissions. Keep this in mind when budgeting for your home sale. 

Legal Fees

In addition to a real estate agent, selling your home will also require working with a lawyer. 

For most sellers, a budget of $1,500 is an adequate amount for covering the legal fees of their home sale. However, legal costs can be more expensive if a property or agreement requires any special considerations. 

Status Certificates

If you’re selling a condo unit, you’ll be required to order a status certificate to demonstrate the physical condition of the building. Although exact costs will depend on the property management company, status certificates typically cost between $100 and $200. 

Land Transfer Taxes 

In Ontario, as the seller, you are not responsible for paying the land transfer tax following the sale of your home. However, if you choose to buy again after you sell, you will be required to cover this cost for your new property. 


Thinking about selling your home? Explore these helpful posts from our blog. 


How We Sell

While selling your home comes with some risks and variables, we strive to make the process as relaxed as possible for our clients. If you choose to work with our team, we guarantee to sell your home. If for any reason it doesn’t sell, we will buy it from you! Our Your Home Sold Guaranteed approach means the sale of your home will be successful regardless of external market conditions. 

Ready to begin your selling journey? Get in touch with us today to get started. 

Interested in Learning More?

Reach out by using the form below.

  • This field is for validation purposes and should be left unchanged.

Don't Be a Stranger

We hope you’ll stay in touch. The best way to do that is through our newsletter. We’ll share market insight, local updates, and much more!
Simply fill out the form below. From there, you can expect to find our next issue in your inbox shortly.

  • This field is for validation purposes and should be left unchanged.