While selling a home can often result in huge gains, it also entails costs that can be quite expensive. Here are some of the expenses that sellers and property investors need to take into consideration.
Real estate agent commission is one of the biggest costs associated with selling a property. The fees typically range between 1 per cent and 3 per cent of the property’s value.
This can set sellers back around a few hundred to several thousand dollars depending on the marketing campaign they decide to run. The internet is one of the most cost-effective advertising tools.
A conveyancer or solicitor is tasked to organise all legal documentation required for selling a property.
As the current owner of the property, sellers are responsible for council or body corporate rates up to the day of settlement. The conveyancer should be able to assist sellers in finding out how much fees they need to pay.
Many banks and lenders charge a one-off discharge or settlement fee that covers the cost of paperwork associated with the completion of a mortgage.
First impressions last, as the saying goes – and this can cost property sellers and investors quite a bit.