If you’re selling your property with the help of real estate agents Donnybrook, you’re undoubtedly expecting to pay a commission, but did you know that there are other charges you might not be aware of?
The Australian property industry is massive, and it has been estimated the residential real estate market to be valued more than $7.4 trillion.
It goes without saying that there is money to be earned in real estate, but house sellers frequently overlook the additional expenditures connected with selling a home. These expenditures will eventually affect the amount of profit a home seller makes on the sale of their property, but if house sellers factor them in when creating a budget for the sale of their home, they may prepare ahead of time and avoid spending unnecessary money on things like moving and marketing.
When you chat with a professional, skilled, and experienced estate agent, he or she will lay out these hidden charges for you, but it’s always nice to know what you’re getting into.
What are The Hidden Costs When Selling Your Home?
Before you place your house on the market, make sure that all of the necessary maintenance has been completed. A house that appears dilapidated will have a difficult time selling, and upkeep is crucial when it comes to the initial impression your property makes on potential buyers. When prospective buyers come to visit your home, they will be looking for a few major issues, and you should take great care to ensure that these are addressed before putting your home on the market.
While it is true that upkeep is an additional cost that many home sellers overlook, failing to do critical maintenance before placing your property on the market – where it will compete with hundreds of other homes – can have a significant impact on when and if your home sells. Home sellers should see upkeep as a cost that is not only justified, but also necessary if they want to get the best price for their home.
It goes without saying that if you have been living in the property you are selling, you will have to relocate. Moving costs are generally the last thing on a seller’s mind, but they may be rather pricey and should not be overlooked. In fact, a recent study indicated that 50% of those asked had not accounted for moving fees, and another 48% had blown their moving budget. You will have to spend money to move your belongings from one home to another, and because of the significant prices involved, moving charges must be factored into your budget.
Apart from the standard commission, agencies may also charge for the marketing of the property. This includes listing your property on real estate websites, in newspapers, and using professional photos or films to sell your home to potential buyers. Marketing is normally charged separately from commission, so check with your real estate agent about the cost.
Although the cost of promotional campaigns varies greatly from state to state, city to city, and agency to agency, all campaigns share fundamental characteristics such as the floor plan draft, putting up the ‘for sale’ signboard etc.
Talk to your real estate agent about the additional costs of selling your home, and he or she will be able to recommend someone to assist you with the more technical financial parts of the sale.
The legal transfer of ownership from the seller to the buyer is referred to as “conveyancing.” A solicitor or conveyancer who is a member of the Law Society is normally in charge of conveyancing. This will be an additional expense if you hire a conveyancer or solicitor to assist you with the sales contract and other legal fees.
Conveyancing fees for sellers in Australia –
- The fixed professional legal fee
- Standard search fees
- Additional costs