What does it cost to sell a house in Central Alberta?
When you are selling your home, it is important to understand and be ready for all of the costs you might encounter.
What are your costs of a transaction?
Touch-ups – This is 100% dependent on the condition of your home. You may decide to do minor repairs – paint a wall, weatherstripping, fix dings in walls (~$500) or major jobs (repairing a roof, resurfacing a floor, electrical, or plumbing work. It is a good idea to get a quote from a reputable pro for this work. The buyer might also insist on some “fixes” as a condition to sell.
Mortgage penalty – This is an important penalty you should be aware of ahead of selling your home. Depending on the contract and timing, these fines can be quite hefty and might make selling your home quite expensive. Sometimes, the bank will port your mortgage over to your new home which might reduce the penalty.
Brokerage Fees – In Alberta all fees are negotiable and not set. The typical fee in Central Alberta is 6% on the first $100,000 and 3% on the remaining balance. However, if you are both selling and buying with the same Realtor they may give you a discount on the fees… wink, wink! Our brokerage fees include a pre-listing home inspection by a licensed inspector, professional photos – 360 virtual tour – floor plans & measurements, paid social media & internet pay per click marketing, strategic open house marketing… and much more!
Legal Fees – You will need a lawyer to finalize the deal as well as clear disbursements. This fee can be $1,000 +.
Real Property Report – If you have made significant changes to your home or if you do not have a copy from the last owner, you will need to get an RPR to sell your home. These start at $650 in Central Alberta but the price can change depending if it’s an update or a new RPR.