If you’re pondering the prospect of selling your property, one of the first questions many people ask is what will it cost?
After all, selling a property is about realising a maximum return for a substantial investment, so it pays to know upfront who will receive a slice of that pie and how much it will be.
The following is a general guide to the costs involved in selling a property.
Agent’s fees or commissions
The agent you engage to sell your property charges for the service in the form of a commission or set fee.
This covers the time they devote to creating the sales campaign, liaising with potential buyers, hosting open homes, and offering their professional expertise.
These commissions can vary depending on the agent you opt to work with, but a great agent will be upfront about the costs involved and the value they provide for that charge.
It’s also important to remember that you shouldn’t decide which agent to work with based purely on their fee.
A well-regarded, experienced agent can be worth their weight in gold when it comes to local market knowledge, creating the right sales campaign for your specific property, and providing good advice that results in a swift sale for a price that you are happy with.
Any property sale has legal implications, which is why it pays to engage a legal advisor or conveyancer. Again, their fees vary but their job is to guide you through the legal nuances of a property purchase or sale.
They will help you understand the contract of sale and ensure all key dates are met during the transaction. Depending on your needs, they can also add specific clauses to the contract of sale to reflect your wishes, while making sure you meet all your obligations within that contract.
A great marketing campaign is essential to a stress-free property transaction.
Depending on the property, this marketing might include advertising the property on the major portals, such as realestate.com.au and Domain, advertising on the agency’s website and social media, and more traditional advertising such as print newspapers, magazines and flyers.
The cost of this marketing is often separate to the agent’s fees and should be factored in early in the sales campaign.
Some properties benefit from professional styling or staging prior to sale.
Your agent will advise you if they think this is necessary, but for the right property, it can be a very worthwhile investment, potentially adding a substantial sum to the sales price.
If the property you intend to sell has a mortgage, there may be lender fees involved. These tend to cover things like discharging the mortgage or early exit fees.
Each lender’s fees vary, so it pays to speak with them about the charges you will incur.
It’s also a good idea to get in touch with your lender early in the sales process, as they will have discharge forms and other documents that need to be filled out.
Meanwhile, the process of discharging a mortgage can take anywhere from 14 to 21 days on average.
Looking to buy or sell?
If you’re considering buying or selling a property please contact us to help you on your property journey