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The decision to sell a home can be very exciting, especially when the market has grown from your original purchase. But, before you start counting all your profit, it's important that you know of and are prepared for the costs associated with selling your home. If you budget appropriately, you can then get rid of the element of surprise.
Renovations: Before you put your home on the market, we can help you decide if there are any renovations or repairs that will add value to your home, either resulting in a higher sale price or a faster sale. If there are spaces in your home that could use some love, be it new kitchen cupboards, flooring or a fresh coat of paint, be sure to go neutral to appeal to more buyers. Some renovations are quick and easy, while others might require permits and professionals. Before you put too much money into changing your home, let's discuss if the costs to renovate will be worth it.
Repairs: Go through your the inside and outside of your home and make necessary repairs. Have a look around your home with a good eye. Look for things that visible need repair, such as chipped paint, stains the floor, burnt light bulbs. Change your furnace filter, repair broken handles and address other items in disrepair. Your goal is to ensure your home looks and feels well-maintained. Buyers love that!
A good clean: And, make sure your home is clean. While it's likely not feasible to hire cleaners before every showing, ensuring your home has had a deep clean before it hits the market will make it easier for you to keep up with pre-showing cleans. You'll want to prepare your home for each showing, and should budget for any costs associated with this.
Most contracts will also have a cleaning agreement attached, so you'll want to budget for a move-out clean, too.
Staging: Staging your space for sale could be anything from a quick trip to Home Sense, or an all-out style re-do. You might do-it-yourself or you might benefit from hiring a professional staging company. And, while you might think a throw pillow and blanket here, and a pretty candle and vase there is all you'll need, be prepared that once you start, it is more expensive than you realize. From new paint to new furniture, home staging can get pricey. But the good news is that a staged home can often sell faster and for a higher price.
There is a saying, "it takes money to make money" and this can be true in home-selling. Depending on the condition of your home and the market, you might spend hundreds or thousands getting your home ready for sale.
Almost every buyer will want a home inspection as a condition of purchase. Typically, buyers will cover the cost of their own home inspection. But, in many cases, a seller may want to have their home inspected before they even list. This way, there aren't any surprises. And, any issues that might be uncovered during the buyer's inspection can be addressed and/or fixed ahead of time. Or, the seller can set the list price accordingly, so buyers have a harder time justifying a lower price during negotiations.
When buyers are looking to purchase your home, it is important that they know what they are buying.
Generally, a home inspection is about $400-$800 depending on the size and type of home.
During a real estate transaction, lawyers (or notaries) play a big role in ensuring tight contracts, facilitating the financial transaction, and transferring the property title. It's important to have good legal representation for the sale of your home so you are properly protected and understand the process.
While some transactions are far more complex, generally the legal costs associated with selling a home range from $600-$1000.
Looking to sell your home? Our expert REALTORS® are here to help!
Every day, we get asked questions from interested buyers, sellers, homeowners and industry professionals. We love to share our knowledge. Do you have a question you’d like the team to answer? Email contact@kelownarealestatepros.com with your question and we’ll get it answered!
