Yahoo Finance Want to sell your home? It’ll cost you more than you think
Did you think the process of buying a home is a costly exercise? Wait until you come to selling.
Sure, stamp duty fees and building fees alone add to the cost of buying a property, but do you know what it would cost you when it’s time to sell?
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According to Realestate.com, the three main costs a vendor will need to cover are conveyancing, marketing and the agents’ fees (commission) but there are also many more things you need to budget for.
Here are the six main costs:
How much it costs to sell a property: Conveyancing
Conveyancing, which is the process of transferring legal ownership of a property from one person to another, will usually cost between $800 and $2,000.
How much it costs to sell a property: Marketing
Marketing costs, which cover things like for-sale boards, photography and floor plan creation, can cost between $6,500 and $8,000.
In Sydney, realestate.com estimates that cost can jump to around $10,000, depending on the property and the advertising schedule.
How much it costs to sell a property: Agent fees or commission
Agents’ fees are where vendors will spend the most cash.
This can be a fixed fee or can cost anywhere between 1 per cent to 3.5 per cent of the final sale price of the property.
If your home sells for $500,000, that means the agent is taking home anywhere between $5,000 to $17,500 of that sale.
How much it costs to sell a property: Lender fees
On top of those three main costs, Finder.com.au estimates you’ll need to set aside some cash for lender fees, which can cost between $150 and $400.
How much it costs to sell a property: Removalists
You’ll also need to pay for a removalist to hollow out your property, which can cost around $125 to $150 per hour.
If you don’t have a lot of stuff, Canstar recommends you negotiate a total fee for the move based on how much you have to carry.
How much it costs to sell a property: Repairs
If your home needs any repairs or some new furniture to spruce it up a little, you may need to fork out extra for that.
But, Finder warns not to spend any more than is absolutely required.
What’s the total?
Selling a house can cost you anywhere between $8,000 and $11,000 plus the agents’ fees, which fluctuate depending on the percentage of sale rate.
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