Selling your home is an exciting journey, but it’s important to be prepared for the costs involved. Understanding these expenses upfront can help you budget wisely and maximize your profits. As your trusted real estate professional, I’m here to guide you every step of the way—ensuring a smooth and stress-free selling experience. Let’s break down the common costs associated with selling a home in Ontario.

1. Real Estate Commission

One of the biggest expenses when selling your home is the real estate commission. In Ontario, the commission is typically a percentage of the final sale price, split between the listing agent and the buyer’s agent. While commission rates vary, they generally range from 4% to 5% of the sale price.

With my expertise, you’ll get top-notch marketing, expert negotiation, and a seamless selling process to ensure you get the best possible price for your home.

2. Legal Fees

Hiring a real estate lawyer is essential to handle paperwork, review contracts, and ensure a smooth closing. Legal fees for selling a home in Ontario typically range from $1,000 to $2,500, depending on the complexity of the transaction.

3. Mortgage Penalties (If Applicable)

If you’re breaking your mortgage before the term ends, your lender may charge a penalty. This can be either three months' worth of interest or an Interest Rate Differential (IRD), which can be higher. I can help you connect with mortgage professionals who can provide clarity on your specific situation.

4. Home Staging & Repairs

First impressions matter! To attract buyers and secure the best price, you might need to invest in staging and minor repairs. Professional staging can cost anywhere from $1,500 to $5,000, but even small updates like painting and landscaping can make a big difference. As part of my service, I provide guidance on cost-effective improvements that maximize your home’s value.

5. Moving Costs

Whether you're hiring professional movers or renting a truck, moving costs can add up. Depending on the distance and amount of belongings, expect to spend anywhere from $500 to $5,000. I can connect you with trusted moving services to make your transition smoother.

6. Property Taxes & Utility Bills

You must pay property taxes and utility bills up until the closing date. If you've prepaid your property taxes, you may receive a refund from the buyer for any overpaid amounts.

7. Capital Gains Tax (If Applicable)

If the home you're selling is your primary residence, you won’t have to pay capital gains tax. However, if it's an investment property, you may owe taxes on any profit earned. I can help you navigate this process by connecting you with financial professionals who can provide expert tax advice.

Let’s Maximize Your Home Sale Together!

Selling your home doesn’t have to be overwhelming. With my expert guidance, strategic marketing, and dedication to your success, you’ll get the best results with ease.

🔹 Want to know what your home is worth?

I offer a free, no-obligation home evaluation to help you determine your home’s market value and provide personalized selling strategies.

📞 Contact me - Bessie Correa today, and let’s get started!