The Cost of Selling a House in Australia

June 28, 2015 Facebook Twitter LinkedIn Google+ Uncategorized

How much would you spend if you were to sell a home in Australia? There is no specific ball point figure since there are several factors that would affect the cost associated to selling real estate in the country. Among those factors include the price of the home, agent commissions, closing costs and possible expenses for renovation. Let us look at these factors in detail:

The Price of Your Home
It is not that easy to come up with the actual price tag of your home. You can opt to hire the services of a professional real estate evaluator to determine a competitive and reasonable asking price. The price of a property in Australia would in turn, depend on a few factors. These factors include location, proximity to the commercial centre, the demand of real estate in the area, the size of the property among many other factors. Your evaluator would also conduct research on comparable properties in the area and would sum up these factors to a reasonable estimate of what they think your home will best sell for with the current market situation.

Real Estate Agent and Fees
Real estate agents have the right connections and experience that will allow sale of your home at a much faster rate. They also put your home for viewing to as many potential buyers as possible to increase the likelihood of sale. They also do the negotiation with the buyer and the sales talk to seal the deal. However, for your hard work, you need to pay a percentage of the closing price as commission. The fees would vary based on the region in Australia you live in. Many agents would gladly negotiate the percentage of their commission, especially if they are the sole agent of the property.

Closing Fees
There are also several fees you need to prepare for once the deal closes with a buyer. You will need to pay the cost associated with transferring the home to the buyer, legal fees, insurance costs, possible Capital Gains tax, property tax, as well as processing of paperwork and mortgage transfer, if applicable. These fees can also vary depending on your property and your location. You can ask the help of an Australian real estate expert to give you an estimate of these closing costs.

Possible Costs for Home Improvement
Most states in Australia require termite and pest control checks before a seller can put their property up for sale. Most homeowners ask a professional inspector to check the house to ensure everything is in order. If the inspector finds anything wrong, you should cover those costs as well. If the home has cosmetic damages, they don’t necessarily have to get fixed, but depending on the extent of the damage, this may be a haggling point your buyer can use against you.

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