Want to sell your house in the Greater Toronto Area house fast? If so, you have landed at the right place.
A quick home sale is easy if you have a complete, fully renovated house with parking and a finished basement. There are a large number of reasons why a seller might want to sell their home or condo fast:
- They are separating from their mate.
- They want the cash for something else.
- They’ve previously purchased another property and need to sell their current home to close on the new one.
- They’ve been transferred and are going to a new city.
When Is The Best Time To Sell My House Fast in Toronto?
There are various other factors to think about when determining how long it will take to sell your house. Things that will affect how long it takes to sell can range from the season you list, your neighborhood, the market conditions, and the type of property you’re selling just to name a few.
This is where a conversation with your real estate agent will assist you in setting sensible expectations for your Toronto property’s timeline to sell.
If you want to sell fast, listing your house for sale during the season and fall markets indicates your property will likely sell more quickly than if you were to list in winter or summer.
Firstly, having the best real estate agent Toronto has to give on your team means you’ll have reliable advice when it comes to planning the right amount of time to sell your current house and buying your next home.
What should I budget for if I Sell My House To An Investor Toronto?
- Commission Fees
Most of the sellers think that in a hot market, they can sell a house themselves and avoid the standard commission fees.
If you sell your home by owner, you still need to pay the buyer’s agent’s brokerage charges, which can take you up to 3% of the selling price. Plus HST!
Note: If you work with a real estate investor, you don’t need to worry about paying an agent commission, and most often, the investor will cover the closing costs.
- Property transfer tax
When buying a new home, land transfer tax can easily be a significant expense. The tax is a percentage of the purchase price of the home. It varies by city and province, ranging from .1% to 2% of the total property value.
A large number of clients are not interested in a house that has issues. Most of the time, the sellers need to do some repairs before they put their home on the market.
In case the maintenance has been permitted to lapse, these repair costs can be fairly substantial. Repair service may include:
- Expert cleaning
- Interior and exterior painting
- Replacing old carpets with new carpet or hardwood floors
- Legal Expenses
Legal fees differ depending on the firm you prefer and the cost of your home. It usually costs around $1000+.
- Mortgage Penalty
Read the fine print carefully!
Do you have a mortgage on your home? Then your lender may charge you a penalty if you sell the house during the mortgage period. Most traditional lenders (i.e., banks) enable you to apply the remaining mortgage balance to the mortgage of a new, but some mortgages have constraints.
If you’re selling your home and not purchasing a new one, you will possibly have to pay a pre-payment fine, which can be thousands of dollars. Make sure to speak to your lender before you list your home for sale to get the details of your mortgage completely.