Selling a Property
Your home is probably your most valuable possession, and the decision to sell will determine some important aspects of your future. Selling up — particularly in order to buy a more valuable property — can bring financial rewards, and offers the chance for a new and potentially more rewarding lifestyle.
Consider the following before you take the final plunge:
- Have you consulted with all members of the family about their feelings towards the home?
- Make sure you haven’t overlooked any of its virtues and focused on its flaws! Have you considered the option of renovating? What about the substantial costs involved in selling a house?
- Do you have a reasonable idea of how much your home is worth? Remember, most home-owners overestimate the value of their properties by 5 to 10 per cent.
- If your house does not attract offers anywhere near the price you are asking for, what will you do? Will it be a case of ‘sell at any price’, or could you stay put and wait for a better offer?
- Have you considered renting out your home and taking out a mortgage on your future property?
- What if your old home is sold before you find a new one?
- Have you explored what properties are currently on the market, and are you sure you can find one that is affordable, and an improvement on your present home?
- You may incur several costs in the course of selling your home, such as your agent’s commission, and a fee for discharging your mortgage (if you have one).
To assist you in making decisions in the selling process, the REIA has developed a fact sheet which highlights everything you will need to consider before selling. To obtain a copy of the fact sheet Selling a Property, click here.
Costs associated with selling a property
Costs associated with selling a residential property will involve some, if not all of the following items, depending on the state or territory where the property is sold, and how the property is sold:
- fee for service
- legal costs
- other costs, eg energy rating (ACT only).