How Much Does it Cost the Owner to Sell a House in Australia?
-by A. Scott
How Much Does it Cost the Owner to Sell a House in Australia? Good question!
The cost of selling a house in Australia can vary depending on several factors, including the location of the property, the method of sale, and the specific services you choose. Here are some common costs associated with selling a house in Australia:
Real Estate Agent’s Commission: The commission fees charged by real estate agents in Australia typically range from 1% to 3% of the property’s sale price, although these rates can vary. It’s important to negotiate the commission rate with your chosen agent before signing any agreements. Better yet, you can use an App like bRight Agent to negotiate lower agent fees and services for you!
Advertising and Marketing: Promoting your property to potential buyers can incur costs, such as professional photography, property listings on real estate websites, print advertising, signage, and online marketing. The expenses for advertising and marketing can vary significantly depending on the scale and reach of your campaign. Once again, the bRight Agent App can get you lower advertising fees.
Conveyancing and Legal Fees: Engaging a conveyancer or solicitor to handle the legal aspects of the sale is common in Australia. Conveyancing fees can range from around $800 to $2,500 or more, depending on the complexity of the transaction and the fees charged by the professional you engage.
Pre-sale Property Preparation: To maximise your property’s appeal, you may need to invest in repairs, renovations, or staging. The costs associated with pre-sale property preparation will depend on the specific improvements required and the extent of the work.
Street Appeal is very Important!
Building and Pest Inspections: Some buyers may request a building and pest inspection before finalising the sale. The cost for these inspections typically ranges from $300 to $600 or more, depending on the size and complexity of the property.
Other Fees and Charges: In Australia, the seller can be responsible for other fees and charges such as title transfer and final cleaning/maintenance fees unless specifically negotiated otherwise.
Exit Costs: If you have an existing mortgage on the property, you may incur fees for discharging or refinancing the loan. These costs can include discharge fees, early repayment fees, or mortgage break costs. It’s important to check your loan terms and consult with your lender to understand any potential charges.
It’s worth noting that the costs mentioned above are general estimates, so it’s had to specifically say how much does it cost the owner to sell a house in Australia. It’s recommended to consult with local professionals, conveyancers, and financial advisors, to get a more accurate understanding of the costs involved in your specific situation and location. Using an App such as bRight Agent can also save you a lot of money in the process.