To sell, or not to sell?

By the resi financial blog team, 22 July 2014

When should I sell my home

If you’re currently deciding whether or not to sell your property, make sure your decision is not based solely on emotional reasons - practicality is essential.

The most critical element is how much it will actually cost you to move. Once you get a more detailed breakdown at the costs, your decision will become easier.

Here are some of the key costs you will need to consider:

Real Estate Agents Fees
If you’re selling a property to move elsewhere, agent’s fees can vary greatly. Costs may also include additional advertising costs, so get quotes from different agents as to what they’re offering and determine the best all-round deal for you.

Stamp Duty
Unless you qualify for first home buyer stamp duty concessions, you’ll need to pay stamp duty on the purchase price of your new home. This amount will vary from state to state according to respective levies but is generally the second biggest cost you outlay after the cost of the property.

Solicitors or Conveyancing Fees
These fees can also vary but are necessary to get all the legal paperwork in order. Unless you do it yourself you’ll need to account for these if you sell your old property or buy a new one.

This cost can fluctuate depending on the size of the move and the kind of service you use. Companies can quote you a flat fee or an hourly rate, so get an estimate of both.

Loan Costs
If your loan is portable you may be able to take it with you, but there’s still likely to be some valuation and legal fees for the new property. If you’re refinancing, you may also be liable for these fees as well as any costs for discharging your previous loan.

Other costs may include bridging finance (which should try to be avoided by selling before you buy), building and pest inspections, essential repairs and changing over utilities, so try not to overlook any of these if they become part of your plans. Make sure you’re as prepared as you can be before you sell.

Categories: Property tips, Selling property