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| The
costs of selling a house |
By Harvey Grennan, The Sydney Morning Herald
The biggest cost in selling a house or unit is the agent's commission.
Agents' fees are now deregulated, so the commission you pay depends entirely on what you negotiate beforehand with the agent.
Some agents ask for 2 per cent of the sale price, some 3 per cent. In low-priced areas the rate could go as high as 3.5 or 4 per cent. Conversely you are more likely to negotiate a lower commission if you have an expensive property to sell.
If you are auctioning, you also pay the advertising costs which can be anything from $1,000 for a modest home up to $20,000 and more for a mansion. It is a mistake to skimp on advertising because heavy promotion of your property is an essential part of what makes an auction work.
You may also be asked to contribute to advertising if selling by private
treaty. You may agree to this after talking to a number of agents
but remember they are competing for your listing and this gives you
considerable power of negotiation.
 If
you pay for advertising, you may be able to negotiate a lower commission
rate in return.
Legal costs for selling an average home include the solicitor's or conveyancer's fee (negotiable, but say $500-$1,800), disbursements for documents ($180), sometimes a survey and/or council building certificate ($450), discharge of mortgage ($300) and bank fees.
These are average figures.
You can save the solicitor's fees by using a DIY conveyancing kit, but if you make a mistake it's your problem.
The other major cost of moving house is the removalist. The average cost for a professional removalist moving the contents of a 3-4 bedroom house within Sydney including packing is $1500, plus 1 per cent for insurance on the value your contents.
A move from Sydney to Melbourne or Brisbane would cost about $2,200 and to Perth up to $4000, plus 2 per cent for insurance. There are cheaper small operators, but they might let you down in busy periods. |
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