Most homeowners haven’t paid off their mortgage when they sell their home. If you have equity, you’ll benefit from cash after covering your mortgage and selling costs. This can be used for a down payment on your next home, moving expenses, or other purposes. Equity gives you negotiating power, helps cover selling costs, and provides peace of mind. To sell, you generally need 10% equity to relocate or 20-25% to upsize, covering fees without out-of-pocket costs. More equity means a larger down payment on your new home or buying another investment property.

Real estate agents typically earn commissions based on a property’s selling price, usually 5%-6%. Earnings depend on transactions, commission amounts, and broker splits. Commissions can be negotiable and vary with market conditions.

When hiring a real estate broker to sell your home, prioritize experience and a proven track record, especially in your local market. Ensure they have deep knowledge of neighbourhood trends and a robust marketing strategy, including online listings, professional photography, and social media. Effective communication and regular updates are essential, so choose someone responsive. Check references and reviews for reliability. Understand their commission structure and verify credentials. Personal compatibility and strong negotiation skills are crucial. Ensure they have the availability to focus on your sale.

Choose an agent who prioritizes your interests and works diligently on your behalf. You can expect continuous cooperation, effective communication, collaboration, and transparency from such an agent.

If you are selling your primary residence and it is your only property, you do not need to pay taxes on the profit. However, if you own multiple properties, the situation becomes more complex. It is advisable to seek the help of a Chartered Professional Accountant (CPA).