How much is stamp duty? How much will it cost to sell my home?
Here are some handy calculators to help you find out.
Once you have decided you want to sell your home, you’ve already taken the biggest step in the selling process. So what comes next?
If you’ve never sold a property before, it’s important to understand how the selling process works so you’ll know the order of events.
There are a number of decisions to make, including when to sell, which method works best for your property, which real estate agent to select to represent you, and the best way to prepare your property for sale.
How quickly you’ll need to proceed depends on your personal circumstances, especially whether you’ve already purchased your next home.
When you buy a property, you can expect to spend up to 5% of the contract price on fees, duties and charges. So for a purchase of $500,000, there may be up to $25,000 of costs involved in order to complete the purchase.
The main government fees associated with buying a home are:
Purchase stamp duty: This is the largest expense. It’s a tax levied by your state government on all property purchases.
Transfer fee: This is a government fee for registering your name on the title of the property and removing the vendor’s name.
Registration fees: This is a government fee for registering your lender’s mortgage on the title of your property.
There are a range of additional costs which you will need to consider, including Conveyancing and Moving costs.
This mortgage repayment calculator is intended to simplify your purchasing decisions by providing you with an estimate of your repayments based on the amount and length of the loan, plus the interest rate.
Using a home loan repayment calculator like this one can help you understand if a mortgage is right for you. Smart budgeting and planning are key to making good decisions, and a mortgage repayment calculator will do some of the heavy lifting for you.
The calculator will show you an estimate of what your payments would be, helpfully broken down into weekly, fortnightly and monthly payments.
If you want the best possible price for your house, it’s worth paying a premium for an agent who has a strong track record of sales and will work hard to help you achieve your goals. To prevent any nasty surprises further down the track, make sure you get all the fees and costs in writing before you move ahead.
A good agent will have a strong understanding of current market conditions, and in-depth knowledge of what buyers are looking for. They will be able to use their expertise in marketing and negotiation to secure you the best possible price, meaning the additional outlay will actually end up saving you money long-term.