Choosing to sell your own house can feel daunting and overwhelming. It goes against tradition and before you start there are so many questions that need answers.
What is the process? What are the legalities of selling your own home and what are major dos and don’ts?
However, the most important question when it comes to selling your home relates to cost, and it can be tricky to estimate what that involves.
Here we break down some of the fees that come with selling your own home to help give you an idea of the cost.
Advertising and marketing expenses
To ensure that your home is viewed by as many people as possible to help you achieve your best price you’ll need to advertise in a variety of ways.
Typically, you’ll advertise in and on major real estate websites, social media channels, newspapers, flyers and on a for sale board outside your home.
If you’re getting professional photography or videography done as part of this, there’ll be an expense associated with that and likewise if you’re getting a professional floor plan done or hiring a copywriter for your adverts.
Because advertising campaigns can differ so much from one to another, costs can range between $1,000 and $10,000.
It’s necessary to engage a solicitor or a conveyancer to look after all the legal aspects associated with the sale and settlement of your home, including the preparation of a contract of sale and a vendor statement.
How much you pay will depend on how much work is involved for your conveyancer, so it’s worth getting a few quotes and determining the right fit for you. However, as a guide fees generally range between $1,000 and $2,000.
Preparing your home for sale can mean anything from doing some basic tidying and maintenance to a full house paint or renovation. Therefore, the cost associated with preparing your home for sale is very much dependent on your individual home.
Once you’ve worked out what you need or want to get done to prepare your home for sale, obtain quotes for the work. This way you’ll have a guide as to how much it may cost.
Styling and/or staging cost anywhere from $2000 to $8000.
Just because you’re selling your home yourself, doesn’t mean you can’t sell by auction. In fact, you should consider selling your home at auction as it’s a great way to help you get top dollar.
You can find a local auctioneer via google and the fees charged vary between $200 to $600. $1,000 would be considered at the very upper end.
While we’ve covered the most common costs associated with selling your home, there are always those unexpected ones. Therefore, it’s always good to have a buffer of money just in case.
For example, you may want to do a building and pest report prior to selling, which cost around $500 to $700.
Similarly, you may need to pay outstanding bills or council rates up to and on the day of settlement.
There are so many benefits to selling your home yourself, including not paying an agent’s commission. If you want more details on how much it would cost you to sell your home yourself, get in contact today.