Property Selling Costs Calculator
The costs associated with selling a property in Australia can vary depending on several factors, including the state or territory in which the property is located and the specific circumstances of the sale. Here are some common costs to consider:
Real Estate Agent Fees: Typically, sellers engage the services of a real estate agent to market and sell their property. Agent fees can vary but are generally based on a percentage of the final sale price, ranging from 1% to 3% of the sale price, plus GST (Goods and Services Tax).
Advertising and Marketing: To attract potential buyers, you may need to invest in advertising and marketing your property. Costs can include professional photography, property listing fees on real estate websites, signage, brochures, and online advertising. These expenses can vary significantly depending on the level of promotion desired.
Conveyancing or Solicitor Fees: Sellers usually engage a conveyancer or solicitor to handle the legal aspects of the property sale. Their fees can vary depending on the complexity of the transaction but generally range from $800 to $2,000 or more.
Vendor’s Statement (Section 32): In some states, such as Victoria, sellers are required to provide a Vendor’s Statement (also known as a Section 32) to potential buyers. There may be a cost associated with obtaining this document, which provides essential information about the property’s title, planning information, and any encumbrances.
Building and Pest Inspections: Some buyers may request building and pest inspections before finalizing the sale. As a seller, you may choose to arrange and pay for these inspections upfront to attract potential buyers or negotiate on these costs with the buyer.
Capital Gains Tax (CGT): If the property being sold is an investment property, capital gains tax may be applicable on any profit made from the sale. However, the CGT is usually not a direct cost at the time of the sale but rather a tax obligation when filing your income tax return.
Mortgage Discharge Fees: If you have an existing mortgage on the property, there may be fees associated with discharging or paying off the loan early. These fees can vary depending on your lender and loan terms.
Pre-sale Renovations or Repairs: Investing in any necessary repairs or renovations before listing your property can improve its appeal and potentially increase its value. The cost of these improvements will vary depending on the extent of work required.
It’s important to note that the above costs are general estimates, and it’s advisable to consult with local professionals or real estate agents in your specific area for a more accurate assessment of selling costs in your region.