Home Sale Proceeds Calculator Canada

How is Home Sale Proceeds Calculated?

Home sale proceeds are calculated by adding up the costs that you will incur at the time of selling your home, such as legal fees, outstanding mortgage, taxes, realtor commission, moving cost and deduct it from the selling price of the home. The amount you get from subtracting the costs from the sale price is the final home proceeds you will get.

Some other factors that could impact your home sale proceeds are:

1. Inspection cost: A certified home inspector examines a home for any repairs or renovation that it may need. A thorough examination of the home can give you an idea of its structural, mechanical and electrical systems and an estimate of any future renovation cost the home might require. It is an added expense but if you have rented the property out for a long time and want to inspect it before selling to ensure you avoid sale price reductions when potential buyers complete their inspection, it’s a good idea to get the inspection done. A home inspection would cost around $300-$600 depending on the size of the home.
2. Repairs or Renovation Cost: If the house you are planning to sell needs big repairs to maintain the value of the property, like roof repairs, kitchen or bathroom renovations or even to get a basement built, it can get quite expensive. Repairs or renovations can cost you thousands of dollars, so it is important to factor in the cost when estimating the sale price of the property.
3. Appraisal costs: Financial institutions charge a fee for appraising a property. A certified professional who carries out a home appraisal (an estimate of the current market value of the home) will charge a fee to conduct the service.
4. Staging fees: While some real estate agents offer staging services, others hire staging companies to prepare a home for selling. Professionally staging a home gives potential buyers an idea of what their future home would look like and this can really enhance their property viewing experience. It is advisable to stage up a home for selling but it could cost hundreds of dollars depending on the size of the property and number of rooms.
5. Move-in, move-out cleaning fees: Move-in, move-out cleaning could cost anywhere around $400-$600 which includes deep cleaning washrooms, wardrobes, kitchen appliances and cupboards, walls, etc. If you are buying or selling a home, it would be an added expense to clean up unless you got the time and energy to do it yourself!