Before you decide to sell your home, it is important to consider what it will cost. A part of your earnings will be spent on real estate agent commissions, appraisal fees, closing costs, and moving expenses. You might also face a mortgage prepayment penalty for paying off your mortgage early, so you will need to check with your mortgage lender to see if this fee applies.

Knowing the cost of selling your home will help you to set realistic expectations when turning a profit. This is important because listing your home for more than what you purchased it for does not guarantee a profit. You will need to consider how much you are spending to determine how much you can list your home for.

When it comes to selling your home, you have three options: selling with a real estate agent, selling your home yourself, or selling directly with an i-buyer. If you decide to sell your home with a real estate agent, agent fees can range from 3% to 7%. This has a major impact on how much of your home sale you walk away with.

Depending on the market, you can decide to skip the real estate agent commission altogether in favour of a For Sale By Owner (FSBO) approach. This approach means that instead of losing some of your profit to a real estate agent, you take on their responsibilities of yourself.

If you decide to sell directly with an i-buyer, this will give you a mostly hands-free approach that gives you the best value. You will get a guaranteed offer on your home and do not have to pay real estate commissions.

Most homes are not in sell-ready condition, which means you will need to spend time and money preparing your home for sale for potential buyers. It is hard to estimate how much this step will cost because repairs and maintenance can vary.

You should approach home repairs with caution because not all repairs and upgrades will add value or help sell your home faster. The most valuable repairs are replacing the roof, adding a kitchen island, and increase energy efficiency. Your real estate agent can help you determine which upgrades will add value to your home.

If you decide to use an i-buyer to sell your home, you do not have to spend money on repairs. This is because i-buyers purchase how as-is, which will reduce your sales expenses and timeline, and increase your profits.

Adding appeal to your home makes a strong first impression. You can boost your home’s curb appeal by washing walkways, adding porch seating, replacing old hardware, installing outdoor lighting, and replacing gutters and downspouts.

You can also stage your home to make it more attractive to potential buyers. You can do this by getting rid of clutter, aiming for a light and bright look, and adding a little extras such as folded towels or fresh flowers. Some people remove and/or rent furniture to create the right look.

If you decide to use an i-buyer to sell your home, you can skip these expenses and hassles.

The average time your home will stay on the market before going under contract will vary between markets. There is also a chance that your home will remain unsold depending on Canada’s real estate market.

When you receive an offer on your home, you have three options to choose from: accept as-is, decline it, or make a counteroffer. The negotiation process is a tricky scenario because both the buyer and the seller wants to walk away a winner in the deal.

When both the buyer and the seller reaches an agreement, the offer is documented as a formal contract, and the closing process begins.

Even though most of the tasks associated with closing are the buyer’s responsibility, you also have work to do. Before the final closing date, you will need to organize important home documents. Sometimes, these documents get scattered, so it is important to keep them in one location. You will also need to make repairs specified in the purchase agreement, and create the official disclosure statements.

You, as the seller, is obligated by law to disclose any known defects in the home such as mold infestations. You may also be required to disclose if your property has been the site of a marijuana grow operation or if there is a stigma related to your property that makes it less attractive or unattractive such as the property was vandelized, a suicide or death in the property, and the address of the property has the wrong numerals.