Calculating the Cost of Selling a House in Australia

There are a number of costs associated with selling a piece of real estate in Australia. The first is the actual asking price of the home. There are a number of factors that affect price that must be considered before you list your home on the market. The rest of the costs are incurred upon closing, when you transfer ownership of your home over to the buyer. If you’re a first time home seller, you may not be familiar with the fees added on for the services of your realtor or other costs associated with taxes and insurance.

The Offer Price of Your Home

Before you list your home with an Australian real estate agent, you may want a professional valuation done to help you determine a competitive asking price. A valuator will charge you a fee to come and look over the property, conduct research on comparable properties in the area, and give you an estimate of what they believe your home will sell for in the current market.

Real Estate Agent Fees

It’s beneficial to work with an Australian real estate agent because they have the connections necessary to help sell your home. When working with an agent, you will need to pay a percentage of the selling price to the agent for their work. Fees vary based on the region you live in; some agents will negotiate a commission percentage, especially if they find the buyer and don’t need to split the fee with another agent.

Costs Necessary to for Home Improvement

Most states require that you have the house checked for termites or other insects. If found, you will need to pay to have the house treated before you can sell. If you choose to have a professional inspector check over the house, you may need to put out more money to fix things that affect the sale price of your home. While most cosmetic damages aren’t required to be fixed, they do affect how much a buyer is willing to pay, especially if the repair is costly.

Fees Associated with the Closing

There are a number of fees associated with a real estate closing. You will need to pay to transfer the home to the buyer, cover any insurance costs, legal fees, property tax, possible Capital Gains tax, and the costs to the closing company for processing the paperwork and assisting with the transfer of mortgage. When you go into a contract with an Australian real estate agent, they will help you determine the costs of selling your home and explain and fees that you’re unsure about.

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