The Costs Involved in Selling your Home

From styling and marketing to bank and conveyancer fees, these are the costs you can expect when selling your home.

When selling your home, there are a few different costs involved. Knowing what expenses to expect will allow you to set a suitable budget to avoid any nasty surprises later on. According to Canstar, there are key costs (some optional) that you need to budget for; repairs and renovations, styling and staging, marketing, agent fees, conveyancing fees, lender fees, and taxes.

There is no one set fee for all these expenses. So, before you sign an agent contract or lock in a conveyancer, understand what their fees, commission and costs are so that you can factor in all of these expenses from the get-go, allowing you to make a more informed decision about what is best for your budget and personal situation.

• Repairs and Renovations – talk to your real estate agent about what repairs and renovations you should do around the house that will reap the most return.

• Styling and Staging – stylists know how to present rooms and utilise space to show the home’s fullest potential, ultimately driving the sale price up.

• Property Marketing – a comprehensive marketing campaign will put your home in front of active and passive buyers, with the idea that the more interest you generate, the more people that will bid, resulting in a higher sale price.

• Agent Fees – there are two types of agent fees, a flat fee and commission, with some sales agents only working on commission. Either way, the agent fee needs to be agreed on before signing a contract with your sales agent.

• Auctioneer Fee – the cost can vary depending on your property, location, and the auctioneer’s experience, but typically, you can expect to pay $600. sell sell

• Conveyancer Fees- they deal with the process of transferring legal ownership of the property. Depending on the property, the circumstances and the complexities surrounding the sale, the conveyancing cost can vary between$1000 to $3000.

• Lender Fees – you will encounter bank fees if you’re ending your contract with your home loan lender. Each lender is different, so you will need to speak with them about whether you will need to pay early exit fees(if you purchased your home pre-2011) and other administration, discharge, or settlement fees.

• Taxes – when you sell certain types of property, you could potentially be paying Capital Gains Tax (CGT), which is the difference between how much you paid for it and how much you sold it for. This can have implications for you, so speak with the ATO and your accountant about your tax obligations.

To learn more about the costs involved in selling your property, contact your local Belle Property real estate agent Carolyn Wheatleytoday – 0407 120 483 or [email protected]