The Hidden Costs of Selling Your Home: What You Need to Know

The Hidden Costs of Selling Your Home: What You Need to Know

With mortgage rates expected to drop, many homeowners are considering selling. Before you put your home on the market, be aware of these hidden costs:

Hidden Costs Breakdown

  • Lawyer Fees: $500 to $2,000 for handling property transfer and mortgage discharge.
  • Real Estate Agent Fees: Up to 6% of the final sale price.
  • Mortgage Penalties:
    • Discharge Fees: $0 to $400.
    • Prepayment Penalty: About three months’ worth of interest.
  • Home Staging/Photography: A few hundred to thousands of dollars for making your property appealing.
  • Maintenance & Repairs: Varies based on the property’s condition.
  • Moving Costs: Several thousand dollars for movers, truck rental, boxes, and cleaning.
  • Home Inspection Report: Identifies necessary repairs or adjustments.

Market Roller Coaster

The Canadian real estate market has been volatile. From pandemic highs to recent corrections, expect hidden costs. Plan for an additional 5-7% on top of the 20% down payment to cover these expenses.

Embrace Your New Phase

Choose a home that fits your needs and lifestyle. GTA Realty is here to guide you every step of the way.

Contact Fardad Farhanian at GTA Realty for expert guidance on your condo sale:

Outstanding client service, experienced business practices, and ingenious marketing strategies is what makes our team the most trusted team in the area.

Work With Fardad

Work With Fardad

Partner with Fardad, your dedicated real estate expert. Experience personalized service and unmatched expertise as he guides you through every step of your real estate journey.

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