If you're entertaining the thought of selling your home here in Calgary soon you need to be aware of the costs involved. Here are some of the expenses you'll have to pay once you approve an offer and the sale goes ahead.
When it comes to making sure that every part of your real estate transaction is legal and binding, a lawyer is going to handle this work for you so that you are the new and legal owner of your property. Legal fees can run anywhere from $500-$1000, depending on the complexity of the deal itself. It is always worth it to spend money on an attorney to make sure that your real estate transaction goes smooth. Legal fees are a reasonable cost when you are purchasing or selling a property. If the paperwork isn't done correctly, this can slow up the transaction. You will feel more confident every step of the way when you know an attorney is handling all of your paperwork.
Real Estate Commissions
Real estate commissions can get expensive. Commissions can fluctuate from 3%-7% of the total purchase price. While you might think that selling or buying your home without a real estate agent, this is usually not the case. You can negotiate with your real estate agent regarding the commission percentage. Most buyers and sellers get a better deal when the work closely with a real estate agent instead of trying to go it alone. It is worth the investment to pay commissions to a real estate agent who is going to negotiate on your behalf and work hard for you during the process.
Cost For Home Staging
This can also vary in price and depends on the state of your house at selling time. In some cases you won't need to do any staging at all while in other cases you may have to pay up to $1000 to get your house looking good enough to sell quickly. Home staging can also be avoided altogether if you are not concerned about having your home on the market for an extended period of time, no matter what condition it's in.
If you're planning on moving using your own resources within the same town and will be hiring some friends and family to help you out, this expense will be quite low. If you're moving to another city and using a professional mover, this cost can run into the thousands. For this type of professional move it's a good idea to get a few estimates before completing a final home sale budget so that you'll have a good idea of what type of costs you'll actually be dealing with.
While the real estate commission expenses are going to be your biggest outlay when you are selling a home, statistics show that you'll end up making more on the sale if you go ahead and use a real estate agent. In fact, in most cases you'll usually end up coming ahead on the deal and receiving more profit when you use an agent for the sale.
Take a good look at all of the closing costs involved so that you aren't in for a shock when the deal closes. It's just a matter of making a few calls to find out exactly how much you should be setting aside when listing your home.