If you are planning to sell your home sometime in the near future, you will incur certain costs. In order to plan properly, it is an idea to do a little research into the cost incurred when selling your home, which will ensure that there are no nasty surprises further down the road. If your home happens to be in Queensland, here is a list of expenses that you are likely to incur when selling.
The legalities involved when selling a property require the services of an experienced conveyancing solicitor, which could set you back anywhere from $500 to $1,500. If you would prefer to lower the figure, Brisbane based River City Conveyancing can help and they can be found with a simple online search. It is not advisable to sell your property without engaging an experienced legal expert, who will help you to navigate the many legal forms and carry out any recommended searches on your behalf.
Real Estate Commission:
The agent you hire to help you sell the property will obviously want their commission and as a general rule, you can expect to pay 5% on the first $18,0t00 and a further 2.5% of the remainder of the sale price. If you are thinking that is expensive, the commission prices in QLD are the 3rd cheapest in the country, and it pays to shop around. It is worth bearing in mind the exposure that any given agent can give you – an agent with a lower commission rate might not be able to sell the property as fast as one that costs more – therefore if you want a quick sale, you might have to pay the higher end of the scale.
Renovations & Repairs:
It is more than likely you will have to do some remedial work on the property prior to putting it on the market in order to attract a buyer. To what extent would very much depend on the condition of the property, but some homeowners are prepared to replace the windows and doors and resurface the driveway in order to achieve a quick sale. The sales agent would be able to advise you on the type of renovation the property might need, but there will be some work to do if you want the home to be an attractive proposition to a buyer.
Capital Gains Tax:
If you are currently living in the home, there is no capital gains tax to pay, however, if this is an investment property, you will likely have to pay some capital gains tax on the sale. The website of the Australian Tax Officeis the place to visit if you are unsure about capital gains tax.
Let’s not forget the removal costs, which would be anything from $500 – $2,000, depending on the amount of items and the distance involved. If you are moving out of state, the costs will, of course, be higher.
Once you have calculated your approximate costs, you can move ahead with the confidence that there will be no nasty shocks at a later date.