The costs of selling a Mount Isa home
Selling a Mt Isa home or investment property can be an exciting time, but it’s important to understand the range of costs involved with selling any real estate. Preparing for these costs will help you to budget and avoid any surprises. Some of the potential selling costs can also be thought of as investments to get you a higher selling price.
Pre-listing repairs and maintenance
Make sure you do any necessary repairs before listing your Mt Isa home for sale. Buyers or landlords are often looking for homes that are move-in ready, so addressing minor repairs can make your property more appealing.
Common pre-listing repairs include:
- Fixing leaking taps, wall cracks, squeaky doors or broken windows.
- Servicing your air conditioning system.
Pre-listing renovations
Even if your Mount Isa home is in good condition, completing small and cost-effective renovations before listing it for sale can make your property more appealing. This in turn can mean a quicker selling time and a higher selling price
Common pre-listing upgrades include:
- Fresh paint to brighten up rooms.
- Landscaping to enhance kerb appeal.
- Updating outdated fixtures or fittings.
Marketing costs
A great marketing campaign is crucial to attract buyers, and it can include:
- Online listings on popular, Australia-wide real estate websites like realestate.com.au and Domain.
- Professional photography and videos to make your home look its best.
- Print advertising in local newspapers or real estate magazines.
- Virtual tours to cater to online buyers, especially those from out of town or interstate.
Marketing costs can vary, depending on how aggressively you want to market your property. It’s important to discuss marketing strategies and costs with your agent before listing your home for sale.
Conveyancing fees
Conveyancing is the legal process of transferring ownership of a property from the seller to the buyer.
In Queensland, you’ll need to hire a conveyancer or solicitor to handle this process. They handle tasks such as preparing the contract of sale, managing payment at settlement and ensuring that all legal obligations are met. Conveyancing fees typically range from $500 to $1,500, depending on the complexity of the sale.
Lender fees
If you have a mortgage (loan) on the Mount Isa property you’re selling, there may be fees for paying it off early. These fees can range from $150 to $600, depending on your lender. Before you sell, check with your lender to understand any loan discharge costs, and factor them into your budget.
Moving costs
Once you’ve sold your Mt Isa property, you’ll obviously need to move out if it was your residential home. Moving costs can vary depending on how much you need to transport, the distance, and whether you hire professional movers. On average, you could be looking at several hundred to a few thousand dollars for to cover:
- Packing boxes, tape, etc.
- Professional moving services if you decide on that option.
- Insurance for your belongings during transit.
Real estate agent commission
In Australia, real estate agents typically charge between 2% to 3% of the final selling price of a home or investment property.
However, it’s important to understand that hiring an experienced local real estate agent can help you to achieve the best possible selling price for your Mt Isa property, more than covering the commission that they charge.
Potential capital gains tax (investment properties)
If you’re selling a Mt Isa rental property, then you will be liable for capital gains tax (CGT) on any capital gain that you make from the sale.
CGT is calculated on the difference between the property’s selling price and its cost base, which includes its original purchase price. The profit is added to your taxable income and taxed at your marginal tax rate.
How we can help
Jays Real Estate has been Mount Isa’s premier residential and commercial real estate agency since 1981.
If you’re thinking about selling, buying, renting or leasing any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.