💰 Selling Your Home? Let's Talk Net Proceeds! 🏡

Have you ever wondered what happens to all the money when you sell your home? 🤔 It’s not as simple as the sale price goes straight into your bank account. There are important costs to consider before you know how much you’ll actually take home. That’s where understanding Net Proceeds comes in! 📄✨

What Are Net Proceeds?

Net Proceeds = The money you’ll keep in your pocket after selling your home! Sounds great, right? But there’s a formula you need to know to calculate it:

Net Proceeds Calculation Formula:

Sale Price
(MINUS):

• 🏦 Outstanding mortgage balance

• 💔 Mortgage penalty

• 🤝 Real estate commissions

• 📝 Legal fees & closing costs

• 💡 Property tax/Strata adjustments

• 🚚 Moving costs

• 🏡 Homeownership provincial taxes

= EQUALS Estimated Net Proceeds 🤑

Costs You Need to Think About

Here are the types of costs you might need to subtract from the sale price:

👉 Real Estate Commissions – 7% on the first $100,000 & 3% on the balance + GST

👉 Legal Fees & Closing Costs – Legal fees, Title insurance, Registration fees, & Discharge fees

👉 Mortgage Related Costs – Mortgage discharge, Prepayment penalty, Greater of 3 months interest or Interest Rate Differential (IRD)

👉 Property Related Adjustments – Property Tax adjustments, Strata Fee adjustments, Utility adjustments

👉 Moving Expenses – Professional movers, Packing material, Storage fees

👉 Property Preparation – Pre-listing clean, Minor repairs, Staging, Landscaping/Yard cleanup

🧾 Understanding Your Financial Outcome

These costs are estimates only and could vary depending on your unique situation. Additional costs not listed here may also apply.

💡 For accurate advice and estimates, always consult with professionals like your lawyer, mortgage provider, tax accountant, and real estate expert.

💼 Selling your home can feel overwhelming, but it doesn’t have to be! With this guide, you can plan ahead and make informed decisions to achieve your goals.

✨ Let’s make your real estate goals a reality. Reach out to me today!

Tara Kennedy
REALTOR® ABR, RENE, SRS
Tara Kennedy Real Estate 🏘️
☎️ 236-992-8989
🌐 TaraKennedy.ca
📧 TaraKennedySells@gmail.com

Always Putting Your Best Interest First! 🌟

#NetProceeds #RealEstateTips #HomeSellingGuide #TaraKennedyRealtor #SmartSelling #PlanAhead #HomeownerAdvice #TaraKennedy #TaraKennedyRealEstate #RoyalLePageEliteWest