What are the Costs Associate with Selling a Home in Edmonton?

what are the costs in selling a home

Selling a home typically involves several costs that the seller needs to consider. These costs can vary depending on factors like the location of the property, its value and local real estate practices. Here are some common costs associated with selling a home in Edmonton, Alberta:

Real Estate Agent Commission
In many real estate transactions, sellers pay a commission to their real estate agent. This fee is usually a percentage of the final sale price and is negotiated with the agent.

Closing Costs
These are costs associated with the finalization of the sale and can include fees for services like legal fees, survey and compliance fees, title insurance etc. The specific closing costs can vary widely depending on the terms of the sale.

Home Repairs and Improvements
Sellers may need to make repairs or improvements to the property to make it more marketable. These costs can vary significantly depending on the condition of the home.

Staging and Photography
To present the home in its best light, sellers often invest in professional staging and photography services.

Marketing and Advertising
Sellers may incur costs for marketing and advertising the property, including online listings, print materials, and open houses if they are selling on their own. If you choose to hire a real estate agent, these expenses will normally be included in the agents commission.

Transfer Taxes
Some areas may impose transfer taxes on the sale of real estate. These taxes are typically based on the sale price and vary by location. Alberta does not impose a land transfer tax.

Prorated Property Taxes, Condo and HOA Fees
Sellers may be responsible for paying a portion of the annual property taxes, condominium fees and homeowners association (HOA) fees that are due during the year of the sale.

Pre-sale Home Inspection
Some sellers choose to have a pre-sale home inspection to identify and address potential issues before listing the property. The cost of the inspection is borne by the seller.

Home Warranty
Some sellers offer a home warranty to the buyer as an incentive. The cost of the warranty is typically paid by the seller.

Moving Costs
Sellers will often incur moving expenses, including hiring a moving company or renting
a moving truck.

It's important to note that these costs can vary widely, and some may be negotiable or shared between the buyer and seller. It's advisable to work with an Edmonton real estate agent or attorney to get a clear understanding of the costs associated with selling a home in your specific situation and location.

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