We must have one of the most robust property markets in the world. And here’s another piece of research to prove it.
Data released by one of the Big Four banks shows that at least 1 in 10 homeowners are in the process of selling up, while 1 in 3 are considering selling their home in the next five years.
Many are motivated by a desire to upgrade to a more lifestyle-friendly home, or at least one that incorporates a home office.
And who can blame them? The combination of historically-low interest rates, improved consumer sentiment and our robust economy are creating confidence that they’ll secure a hefty sale price.
There is also significant demand from first home buyers, with 1 in 5 Australians planning to buy a first home in the next five years.
So, what do you need to consider when selling your property? Here are some of the costs involved:
Listing with an agent
Most Australians choose to enlist a professional real estate agent to sell their homes. If you follow suit you’ll be up for marketing costs, the agent’s commission, and potentially auctions costs as well.
Sprucing up any kitchens and bathrooms
Kitchen and bathrooms can date quickly, and so many buyers invest in making minor cosmetic changes to these wet areas to help modernise the overall look and feel of the property.
Landscaping the garden to improve kerb appeal
Let’s face it, we’re all just a bit shallow, and having an attractive street frontage can be enough to convince a prospective buyer to inspect your property. And of course more interest can generate a better price.
Mortgage early exit fee
One of the many and varied reasons why it’s worth securing your home loan through a trusted finance broker – because you don’t want the fine print to bear any nasty surprises!
This is an essential service required to transfer the ownership of the property from you to the buyer, and will usually cost between $1-2k.
Reach out if you need help covering the difference between your sale price and your forever home.