Let’s face it—unless you’re a real estate agent, it’s not every day you sell a house. The process can be confusing, and you could be reaching far deeper into your pockets than you thought unless you know exactly what you’re up for.
This article will demystify the finance side of things for those looking to sell a property.
Read on to discover the hidden fees when selling a house you might be required to pay.
1. Property Prep
For the most part, the amount you spend on preparing your property for sale is entirely up to you—it all depends on how far you want to take it! At a minimum, you should:
- Tidy thoroughly
- Style your home
- De-clutter everything.
Depending on your property’s needs, you should also consider investing in renovations or repairs.
Of course, you can save money by doing these tasks yourself. However, if you hire someone else to give you a hand, you’ll need to factor this into your budget for selling your home successfully.
2. Professional Evaluation Fee
Getting the price right when selling your house is one of the most crucial steps in a successful sale. Professional evaluators charge anywhere between $300 to $600 for their report.
Do you know the property market inside out? You can also evaluate your property and set your own price. We’ve got all the tips here.
3. Legal Costs
Unless you’re educated in property law, chances are you’ll need to consult a solicitor or conveyancer during your sale. They’ll ensure all your paperwork is in order and handle the transfer of the title for you, which can cost anywhere up to $1500.
However, if you’re feeling confident in your DIY skills, be sure to check out our guide here.
4. Exiting Fees
This is a one-off fee charged by your lender (bank) to close your account. Most banks charge less than $400 in exit fees.
5. Capital Gains Tax
The Capital Gains Tax is only applicable to some property sales, such as investment and commercial properties. If this is you, learn about calculating CGT here.
6. Mortgage Exit Fees
This type of fee is only applicable on mortgages taken out before 1 July 2011. If you think this applies to you, read up here.
Avoid agent & advertising fees when selling a house.
So now you know about the unavoidable fees when selling a house—where can you cut on costs?
Recruiting an agent is expensive—their commissions can often exceed tens of thousands of dollars. The advertising & marketing side of things can rack up the bills, too. Luckily, you no longer need to be an expert to sell and market your own house.
At PropertyNow, we’re big believers in helping property owners like you get the most out of selling their asset. That’s why we offer a flat, upfront fee, so you’re never taken by surprise. We charge just $694 (including GST) per property until sold—no hidden costs, management fees, or ongoing charges.
We’re very upfront with our advertising add-ons, too. What you see is what you get!
For more info, check out our step-by-step guide on how to sell your home online here.
Do it yourself & save on fees when selling a house.
With the right knowledge and tools at your disposal, you’re all set to sell your own home. Our experienced team at PropertyNow are here to help—every step of the way. Get in touch today to get the process started.
*This information is offered as a guide only and is not meant as professional legal advice. Fees listed in this article are relevant to property sales in Australia only. Be sure to check for additional costs that may be relevant to your sale in your state or territory.