There are a lot of fees and costs associated with selling a home or property, and they are charged at different times in the selling process.
You need to keep in mind that these fees can really pile up, so it’s important to know right from the beginning just how much you should be paying.
There’s a lot more to selling property than just real estate agent commission fees, so make sure you’re on top of each of these costs of selling and know where you can be saving money.
Property Value – This is the estimated sale price of your property.
Agent Commission Percentage – The portion of the sales price paid to the agent. In general, you will find that the agent commission percentage is between 1.5% and 4%. It depends heavily on the location of your property. For a primer on agent commission in your area.
Marketing Fees – The price of advertising your property online and locally. This varies by area, but marketing methods will depend on your real estate agent’s marketing plan and what you negotiate with them. In general, expect to pay anywhere between $300 to $2000+ to market your property.
Auctioneer Fee – This only applies to properties sold through the auction process and pays for the auctioneer on the day. Expect to pay around $500 to $1000.
Conveyancer/Solicitor Fees – It’s a good idea to hire a conveyancer or solicitor to handle your legal obligations when selling property. They do come at a cost though – expect to budget somewhere between $700 and $1800.
Mortgage Discharge Fees – If you’re selling before you have fully paid off your mortgage, there are extra fees involved in closing the mortgage depending on how much you have left to pay. This varies between $150 and $1000.
