I'm trying to calculate the money I will see as profit from the sale of my house.
I'm tallying the various expenses associated with selling and would like input on any costs I'm missing. I'm in Ontario, Canada and not moving to another house (need to apartment surf for the next few years due to work).
Here are estimates I have so far. What costs might I be missing?
Remaining mortgage balance: -$305,000
Sale price of house: +$360,000
Early payout penalty to mortgage company: -$2,300
Lawyers fees: -$2,000.00?
Capital gains tax and other taxes: -?
Realtors fees (but hoping to sell privately/comfree/grapevine): 0 to -$18,000 (5% sale price)
Unforeseen repairs: -?
This totals +$50,600 "in my pocket" minus taxes and assuming no realtor fees. Am I way off base? Is there anything that can be done to minimize the tax hit?