Below is a list of common costs when selling your home, we feel you should budget for. Depending on your specific situation, some of these costs might not be applicable to you.
Common Costs When Selling Your Home:
Real estate commission: (Budget 5%+HST of the expected sale price).
Lawyers Fees: Typically $750-$1,000 + HST for the selling side
Cost of Hiring a Moving Company: This can vary significantly depending on how much furniture you are moving and if you would like packing services as well. The average cost of movers for 2 men and a truck is between $90 and $120 per hour. Below are two local moving companies that can provide you with free quotes:
- Swan Moving and Storage: www.swanmoving.com
- Mike the Mover: www.mikethemover.ca
Storing Furniture: The cost of storing furniture can vary substantially depending on how much stuff you are storing and for how long. Here are 2 companies that can give you a quote for storage.
- PODS: www.pods.com/canada
- ex. estimated price $150 – $200/month (Depending on size7ft -16 ft container) + $140 initial delivery + $140 Pick Up
- Click here for a “space calculator” to help you decide what size of pod you need.
- Swan Moving and Storage: www.swanmoving.com
Disposal of unwanted furniture or clutter: Cost will vary based on the weight and material of what you are disposing. If you are getting rid of appliances or other objects with a lot of metal, Junky Monkey will come pick it up for free. Below are 2 junk removal companies:
- 1-800- Got Junk: www.1800gotjunk.com/ca
- ex. 1/2 truck = Estimated price: $348
- ex full truck = Estimated price: $548
- Junky Monkey: www.junkeymonkey.ca
Penalty for breaking your mortgage: If you are thinking about selling prior to your mortgage term being up, then it is a good idea to call your lender and find out what your mortgage penalty will be. Click here for a mortgage penalty calculator.
Fees for breaking any lease to own contracts or rental contracts: Typically, buyers will assume a rental contract for a hot water tank but if you have any other rental or lease to own contracts, it would be a good idea to find out what the penalties are for breaking them. This can range drastically depending on how far into your rental agreement you are.
Bridge financing: This is a common expense that is often overlooked. Many sellers like to have a couple of days to move into their new house before their old house closes. To do this, most people will have to get bridge financing from their lender. It is not a huge expense, but you should check with your lender to find out the exact cost. The price depends on how much you are borrowing and how much your lender’s admin fees are.
Please contact the GoWylde Team if you have any questions about costs when selling your home.
*These are all approximate costs when selling your home – they could widely vary depending on your situation *
