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Costs for selling a house?


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#1 JustBeige

Posted 01 September 2019 - 07:08 AM

Im trying to make a list of possible costs when selling our house, but realised I dont even have a ballpark figure for these.  So if anyone coukd help with some costs (NSW), I would very much appreciate it


We are only selling not  buying.


So far I have and I feel like there is stuff missing:

Agent selling advertising fee:
Do we need a Conveyancer?
Lawyers?
Government charges?

Removalist - we have packed the boxes , so its more big furniture and boxes.

Building inspection?

Thanks :)

#2 molinero

Posted 01 September 2019 - 07:17 AM

Here's some info about real estate agent fees - that will probably be your biggest expense. Sometimes the fee includes marketing costs, sometimes the marketing costs are extra

https://www.openagen...tate-agent-fees

If your property is straightforward and doesn't have any strange issues with it, you can probably get away with using a conveyancor instead of a property solicitor. A conveyencor might cost less than $2k for a property sale, whereas a solicitor could be around $2k or higher for a straightforward sale.

Building inspection is often undertaken by the purchaser.

Cost of removalists - really depends how much stuff you have....

Good luck!

#3 born.a.girl

Posted 01 September 2019 - 07:26 AM

Separate your advertising costs from your agent commission. They're two separate discussions you'll have with the agent.


i.e. advertising in the glossy mag that comes around to middle-higher income suburbs in Melbourne, is about half the price where my MIL was, compared with where we are, simply because they can - houses are worth a lot more on average, here.

Edited by born.a.girl, 01 September 2019 - 07:27 AM.


#4 Dianalynch

Posted 01 September 2019 - 07:28 AM

The agent's commission is generally the highest cost, conveyancing, I agree with pp if it's straightforward you won't need a solicitor, advertising/marketing, stamp duty is borne by the buyer, and there's the costs involved in preparing your home for market/any staging you may wish to do. After agent's commission we set aside about $10k for marketing, conveyancing and fixing up the house.

#5 froglett

Posted 01 September 2019 - 07:47 AM

We’re selling ATM (Sydney).

Advertising (inc photographer) is $4200.
Agents commission we’re looking at around $25k, obviously dependent on sale price.
We’ve spent $3k on styling (I’ve done it myself and bought some new furniture etc)
And probably $10k on minor renos/ fixes prior to putting in on the market.
Not sure yet what our conveyancer will come out at (there’s some complexities to the sale), but we’ve budgeted up to $4k for her.
We’ve not done a building inspection, in our neck of the woods that seems to be on the buyer to organise their own.
We did have a $140 charge for someone to come and compliance check our spa, so if you have a pool you might need one.
We haven’t yet factored in removals or storage (we’re moving in with my folks while we build a house).

It’s really expensive to sell! Hope it goes well for you OP.

#6 ~LemonMyrtle~

Posted 01 September 2019 - 09:49 AM

Agents fees are huge, plus the advertising fees if they’re separate.
You will need a conveyancer or lawyer to do the transfer. This cost can vary, but I think ours was a couple of thousand for a sale and purchase.
Removalists, can vary a lot, it’s per hour. Our last move took 10 hours and we needed two trucks and about 5 guys. Think it was well over $5k in the end. We bought and sold and settlement happened on moving day so we had to pay for removalists to sit around a few hours while waiting for keys. Some people have to pay for them to store their furniture overnight if they get a big settlement delay.
Plus a hundred or so for packing materials, tape, boxes, Texas, etc.  

There may also be fees for changing or discharging your mortgage if you have one.
If your house or title is complicated then extra fees may be required by the conveyancer when putting together your contract of sale.

I’m sure there is more.

#7 JoanFontaine

Posted 01 September 2019 - 09:54 AM

Don’t forget to negotiate agents commission. I stupidly accepted that 2.2% was the norm the last time I sold, and found out that with all the property booms, that 1% was accepted for properties around a million. Our agent accidently sent us his whole months worth of receipts for their commission when we sold, and I could see that we were the only suckers who’d paid that much. Even 300k flats were paying him 1.5%.

#8 AdelTwins

Posted 01 September 2019 - 10:01 AM

Don’t forget that you have to pay for your entire year’s council rates as well.

#9 SeaPrincess

Posted 01 September 2019 - 10:21 AM

View PostAdelTwins, on 01 September 2019 - 10:01 AM, said:

Don’t forget that you have to pay for your entire year’s council rates as well.

Where we are, the rates get adjusted according to how much of the year is left.

#10 JustBeige

Posted 01 September 2019 - 10:53 AM

View PostAdelTwins, on 01 September 2019 - 10:01 AM, said:

Don’t forget that you have to pay for your entire year’s council rates as well.
I havent heard that one.  I will have to check with the council. I thought that they were pro-rated as well.

Eeek at the costs.   and big hearty lol at the moron who thinks he will just walk away with half the house sale and is planning his next purchase based on that.

Quote

There may also be fees for changing or discharging your mortgage if you have one.
oh yes, I forgot about that one.  Thank you.,

Thanks everyone, its really helpful to get an idea of costs, especially the agent fees

#11 Romeo Void

Posted 01 September 2019 - 10:56 AM

Don't underestimate how much it will cost to shiny up the house as well.  The tap that drips, the bit of timber that needs nailing back up, the paint touch up...it can add up.

#12 JustBeige

Posted 01 September 2019 - 11:00 AM

View PostRomeo Void, on 01 September 2019 - 10:56 AM, said:

Don't underestimate how much it will cost to shiny up the house as well.  The tap that drips, the bit of timber that needs nailing back up, the paint touch up...it can add up.
Yes we are experiencing that as well.  He has a 'plan' that if he takes a week off it will all get done.  :rofl:  its taken him from April just to paint our outside concrete.

thank god mum has lots of retired 'handy people't that she knows. Im going to start getting them to come and do odd jobs - like replacing the flyscreens (old and has holes) and redoing the grout in the bathrooms.

#13 Romeo Void

Posted 01 September 2019 - 11:12 AM

I have one of those...all talk till it got too close to selling date, then madly calling tradies to do the work.  $$$

#14 qak

Posted 01 September 2019 - 11:33 AM

View PostSeaPrincess, on 01 September 2019 - 10:21 AM, said:

Where we are, the rates get adjusted according to how much of the year is left.

Yes - on settlement statement the  full year is shown as an outgoing, but the remainder of the year is paid by the buyer.

#15 Holly298

Posted 01 September 2019 - 01:16 PM

Agents fees approx 1.65 incl gst where we are in Sydney
Marketing/auction fees $6000 (includes photos/copywriter/floor plan/sign/brochures/premium website listings/magazine/print ads/auctioneer)
Conveyancer $1600
Pest and building report $495 - vendor does it buyer will reimburse if successful bidder
Styling - 8 weeks full furniture hire/style $7000
Gardens/cleaning/minor touch ups $2000
Removalist $2000 (obviously depends on how much and distance)
All rates /insurance will be adjusted on settlement (you pay up until you settle ) not the whole year as pp said
Plus:
Bank fees /discharge mortgage fees  
Re direction of mail (I do 3 months)
Packing boxes - buy or hire


#16 born.a.girl

Posted 01 September 2019 - 02:07 PM

You may wish to consider doing what we did with the agent.

We knew the standard commission for the area. We used that for the expected selling price range.  If it went for below that, her commission was lower.  We then had (I think) two more ranges, one for the range over expected price range, then another for 'exceptional result'.  It was an exceptional result, which she did very, very well out of, because it was on the whole price.  She was amazing though, and my MIL did even better with the exceptional price.

#17 JustBeige

Posted 01 September 2019 - 02:17 PM

Are the agent fees paid up front, or from sale of house? or partial?

I was thinking that up front costs are really only:

* Conveyancer
* Possible solicitor
* House beautification costs
* Pest/Building inspection. I actually have a pest man and because we regularly use him he will do my termite inspection for around $80, so that is sorted.,

I would also prefer to get a building inspection report done myself and just give a copy to serious interested parties.

Is there anything else that is an up front cost?



ETA: Oh I forgot about this one too.

Quote

Re direction of mail (I do 3 months)


#18 Holly298

Posted 01 September 2019 - 02:23 PM

Agents fees are paid on settlement, so if it’s a longer settlement they we don’t get paid until then! We don’t get paid at all unless the owners sell however your marketing and conveyancer will still have to be paid if you don’t sell

#19 JustBeige

Posted 01 September 2019 - 03:41 PM

Thanks Holly, that is helpful info :)

#20 Dianalynch

Posted 01 September 2019 - 03:44 PM

Unless you are in a State or Territory that requires it, don't get a building/pest inspection done for interested buyers - as it's not generally done, many buyers may become suspicious and wonder what you're hiding, eg have you 'paid' for a good report - and either be put off by that or get their own done anyway.

Save your money. Interested buyers who take their due diligence seriously will get their own done.

#21 JustBeige

Posted 01 September 2019 - 03:51 PM

View PostDianalynch, on 01 September 2019 - 03:44 PM, said:

Unless you are in a State or Territory that requires it, don't get a building/pest inspection done for interested buyers - as it's not generally done, many buyers may become suspicious and wonder what you're hiding, eg have you 'paid' for a good report - and either be put off by that or get their own done anyway.

Save your money. Interested buyers who take their due diligence seriously will get their own done.
  OK thanks for that.,  I was just thinking more about extra people poking through my house.  I know my anxiety is going to be sky high when it all starts to happen.

But thank you for your insight :)

#22 MsLaurie

Posted 01 September 2019 - 04:19 PM

View PostJustBeige, on 01 September 2019 - 03:51 PM, said:

OK thanks for that.,  I was just thinking more about extra people poking through my house.  I know my anxiety is going to be sky high when it all starts to happen.

But thank you for your insight :)

Realistically, it will only be people seriously interested, so probably only an extra one or two. If it’s more, you’ll probably be lucky and get a extra good price from the competition, so it’s not a bad situation!

#23 Holly298

Posted 01 September 2019 - 05:10 PM

Ask your agent what’s normal for your area, in ours , especially again now as the market is moving again it’s quite common for 5-10 buyers to get building reports so it’s easier for the owner to get it as a) you can make sure there are no problems with the home before it goes on the market and 2) the eventual buyer will buy it off you so it saves the other numerous underbidders the costs and you the owner 5 plus builders coming in the home!
Legally, all building reports are done under specific Australian standards and their insurance costs are astronomical so no licensed inspector would ever risk doing a dodgy report!

#24 tryagain2

Posted 02 September 2019 - 07:13 AM

I thought a few years ago it was brought in that owner got building inspection and then interested buyers could access, perhaps as said above with eventual buyer then paying for it. Saved the multiple building inspections but yes does mean as a buyer it isn't someone you pick. Maybe it never actually became a "thing"




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