How Much Does it Cost to Sell Your Home in Toronto?

09/05/23

As a home seller, getting great results is absolutely important. However, optimizing your returns isn’t just about maximizing the final sale price.

In West Toronto, enjoying a successful sale also requires planning for the various costs of selling. By understanding what’s involved and planning accordingly, you can maximize your return on investment and make the transition to your new home as smooth as possible.

In this blog post, we’ll break down some of the main expenses that you can expect to budget for when selling your home.

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Table of Contents

Real Estate Agent Costs
Pre-Listing Upgrades
Legal Fees
Moving Costs
Selling With Smith Proulx

Real Estate Agent Costs

One of the most important parts of selling your home is working with a real estate agent. Not only can they take care of all of the complicated parts of a real estate transaction, but their selling strategies will make a big difference in how quickly you sell – and your final price.

While the expertise provided by a real estate agent is invaluable, you will want to be aware of the costs involved. In West Toronto, almost all real estate agents operate on a commission basis. This means that your agent fees will be a certain percentage of your home’s final sale price (plus HST).

It’s important to note that average commission rates can vary. As you research potential agents, be sure to ask them about their fee structure.

Planning to sell your home? Check out these other blog posts for helpful advice!

Pre-Listing Upgrades

In a competitive market like West Toronto, you’ll want to ensure your home lives up to (and exceeds) buyers’ expectations. On the market, your home should present its best. This will entail making a few repairs and upgrades before you list.

While it may seem a bit strange to take on a home improvement project before selling, the right repairs and upgrades can have a very positive impact on your sale. For instance, if your home has any major issues such as a leaky roof, plumbing problems, or electrical issues, buyers will be less likely to make top-dollar offers. Along with making repairs, a few cosmetic improvements can make a significant difference in the overall appeal of your home.

Every home is different, so budgeting for this step will require some help from your agent. After touring your home and getting a sense of your market aspirations, they can help you determine which repairs and upgrades will impact your sale most.

Legal Fees

Selling a home involves a ton of paperwork, legal processes, and fine print. As part of your sale, you’ll work closely with a real estate lawyer to ensure your interests are protected. Just like working with an agent, you’ll want to be aware of the costs that come with their services.

Legal fees can vary depending on the complexity of the sale and your lawyer’s individual costs. Some professionals charge a flat fee while others use an hourly rate. In West Toronto, an approximate budget of $1,500 is typically suitable for legal costs.

Looking for more home-selling resources? Check out these blog posts!

Moving Costs

In addition to transaction-related expenses, you’ll also need to factor in the costs of moving. Moving is no small task and hiring professional help can make the process much smoother. Like the other items on this list, moving costs can add up in a hurry.

Depending on your unique needs, the total moving costs can vary. However, some common expenses to prepare for include.

Professional movers
Storage
Packing supplies
Transportation costs (if moving from out of town)

Selling With Smith Proulx

Looking to enjoy a smooth, low-stress home sale? You’ll want to partner with an experienced real estate team that understands West Toronto best.

At Smith Proulx Real Estate, we’ve been selling homes in the West End for decades. In our years of experience, we’ve seen every type of market fluctuation and industry change. Our dynamic selling strategies protect you from adversity and can help you get a great return in any type of market.

Looking for a real estate team that can guide you to the best possible result in your home sale? The Smith Proulx Team can help. Send us an email or call 416-769-6050 to get started.