Hi all,
I'm looking to sell one of my investment properties and am looking to calculate my breakeven price to know how much I should at least sell it for.
What I don't know with 100% certainty are the fees associated with a sale.
Say I put my property on the market for $300,000 and I didn't put 20% down on the property when I bought it.
I think I have to consider the following:
Closing costs (Lawyer fees)
GST
Realtor fees (if I decide to go with one)
Are there anything else I'm missing?
Does anyone know what the closing costs are for a property?
Realtor fees I believe are 7% on 1st $100,000 and 3% for the remaining correct?
So with a $300,000 example, the breakdown will be
Realtor fees 10% - $7000+$6000 = $13,000
GST 5% - 15,000
Remaining Closing Cost to consider - ???
So as of right now, the cost of sale would be $28,000 with a $300,000 example.
Can anyone help me out with the rest of it?