When you decide to list your property for sale, there’s no denying your focus is predominantly on the imminent large cash windfall you’re likely to receive after accepting the buyer's offer. But most don’t consider the extra costs associated with the sale.
Here are some costs you may encounter when selling your home, and how much they might be.
If only selling a house was as easy as accepting the offer and handing over the keys. In reality, there are far more legalities and paperwork involved. This is where a conveyancer comes in. A conveyancer is a licenced professional who organises the appropriate documentation needed for selling a home. It is always recommended to have a conveyancer, though you’re not legally required to. They will help avoid any nasty surprises at settlement, when not adhering to certain regulations could see hefty financial sanctions imposed on you. The typical cost for a conveyancer is anywhere from $800 to $2500. We recommend the online conveyancing company - SettleEasy.
Real estate agent fees
In Victoria, agents typically work for a commission based on what the property sells for, so this fee can vary significantly. In some cases, they may work for a flat fee. The commission rate is generally somewhere between 1-3 per cent of what the property sells for. This can also vary based on the location of your home. In some cases, if the property sells above the homeowner’s expectation, there is an agreed bonus for the agent at settlement.
Marketing is arguably one of the most important aspects of selling a property. Online advertising through real estate listing platforms such as realestate.com.au and Domain is critical as it introduces your property to the world. The typical costs to market your property is around $5000, but this can vary. This includes photography, copywriting, board, window display and online listings. In recent times, agents have found a paid social media campaign, targeting certain areas and demographics is highly successful in reaching potential buyers. Typically, this will be a set budget of between $200-$500 per month.
First impressions count and so the look and feel of your property can play a huge role in the successful sale of your home. Without furniture and with just bare walls and floors, buyers may struggle to visualise themselves in the space. Hiring furniture and artwork is a great way to overcome this. Or you can have your furnished home professionally styled, adding artistic touches that lift its appeal. Of course, simply updating the property with a paint job, manicured gardens or some basic maintenance can also help secure a bigger sale price. Sellers will generally spend between $3000-$10,000 on styling.
The estimates given in this document were correct at the time of publication.