There has never been a better time to sell your property. As house prices continue to rise around Australia, buyer demand remains high. However, if you’re thinking of selling your home, there are associated costs that you should budget for. Here’s what you can expect to outlay when selling a property in New South Wales.
First is the cost of marketing your property. When you partner with a real estate agent, they will recommend a marketing campaign. This will usually include a board at the front of your house, a listing on a real estate website, photography for the listing, the creation of a floor plan, copywriting for the listing, and the cost of advertising your property on other platforms.
Every listing is unique and will vary depending on your particular needs and advertising schedule, but you can expect to pay between $3,000 – $10,000 in NSW.
In addition to the marketing listed above, your real estate agent will usually also recommend that you have your home styled or staged. This involves having a professional come into your house and recommend ways to make it look more presentable and appealing to buyers. This may range from simply tidying up and decluttering or involve bringing in new furniture and completely revamping the look and feel of your home. Although this seems like an unnecessary cost, staging your home has been proven to entice buyers and can actually add up to 10% to the value of your home!
For home staging in NSW, you can expect to be $2,000 – $6,000 for six weeks of styling and display rental.
There are two types of real estate agents fees that you will encounter. The first is a “flat fee”. This is where the agent and seller agree on a fixed fee for the sale of the property; regardless of the selling price of the property, the agent will receive the same amount. The second is a “percentage of sale fee” – this is where the agent will get a percentage of the final sale price. It usually varies between 1-3% but can be influenced by factors such as the value of the property and competition amongst local agents.
Many houses in Australia are now being sold through auction. As the vendor, when you sell at an auction, you’re protected by the “reserve price” which lets you set a minimum amount at which your house will be sold. Sales at an auction are also free from a cooling-off period which prevents buyers from backing out of a sale. If you decide to sell your house through an auction, a good auctioneer in NSW will cost between $500 – $1,000.
Once you have secured a buyer, the last thing you will need to think about are the conveyancing fees. These are the fees involved in transferring legal ownership of the property from yourself to the buyer and is something that can only be handled by licensed conveyancers and solicitors. Conveyancing costs in NSW range from $800 – $2,000.