From our experiences, expertise and analysis, we put together a list of common pitfalls experienced when selling your property. Proactively avoiding these scenarios can be the difference between a smooth sale and a turbulent one. 

Overvaluing: Setting an unrealistic or inflated asking price can deter potential buyers and lead to a prolonged listing period - a common mistake made by many Canadians selling their homes.

Incomplete disclosure: Not disclosing relevant information about your property (such as past renovations or potential issues) can lead to legal complications down the road and ultimately the deal falling through.

Ignoring market trends: Underestimating the importance of monitoring localized real estate market trends will increase the chances of misjudging the optimal time to sell or adjust prices.

Being unprepared for showings: The importance of ensuring your home is ready for showings can not be overstated. The impact on first impressions when a property is not show-ready can be catastrophic. Also, being accommodating to prospective buyers' schedules is important to putting yourself in the best position to sell your home efficiently.

Selling a property involves additional variable costs that are crucial to be informed of and ensure budgets are aligned accordingly. Here's a breakdown of potential expenses to consider:

Legal fees and closing adjustments: These cover the cost of professional legal assistance for the sale. Ranging from $1,000 to $2,500 or perhaps more, depending on complexity of the process.

Real estate agent commissions: Typically around 5% of the sale price in Ontario, with potential additional charges for premium listings or promotional efforts. It is important to check with your agent on any incremental costs and ensure complete clarity.

Mortgage discharge fees and penalties: Sellers are responsible for the land transfer tax, which is calculated based on the purchase price and may range from 0.5% to 2.5%. 

One consideration, if you plan to pay off your mortgage early, be aware that you may incur a penalty, which can vary depending on your mortgage terms and lender.

Utilities, property taxes, and land transfer taxes: Sellers are responsible for all utilities and taxes up to the closing date. As mentioned above, land transfer tax needs to be included in your budget.

Repairs, modifications and staging expenses: When cost effective, enhancing your home's appeal with value-adding repairs before listing, costs for staging your home effectively.

Moving Costs: Also do not forget to budget for moving costs. Predominantly based on time, but be aware that a number of variables such as home contents, number of movers needed, ease of access/loading/unloading, distance from the movers hub will impact the final cost.

Insurance: Depending on your requirements, contents value and any unique factors, coverage may range from $50 to $100 per month.