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
  • removalists
  • other costs, eg energy rating (ACT only).