Wondering how to pay off your home loan sooner? We look at some things...
5 Ways to Save Money When Selling Your Home
When selling property, many vendors don’t take into account that there are added expenses involved. The final sale price for your home may not be the actual amount you get in your pocket, but there are ways to sell your home and maximise your share of the profits, saving thousands in the process.
1. Sell it Yourself
Selling your property yourself is much easier than real estate agents would lead you to believe. Not so long ago, we would not even consider selling our own cars, yet with the advent of online car sales sites, it is now an everyday occurrence. The same goes for a property. Vendors now have access to all the same real estate portals traditional agents have, so there’s no reason you can’t sell your own home. Agents charge up to 3 percent or more in commissions to sell your property which can add up to tens of thousands of dollars in today’s property market. For a low fixed fee between $695 and $3995, you can undertake the sales process yourself and eliminate paying any commissions. At buyMyplace, we offer varying levels of vendor support, so you never feel like you are unsupported.
2. Marketing Fees
Agents can often charge money on top of commissions to cover the cost of marketing your property on online portals, or for the price of professional photography. With buyMyplace, you can get all those things within the fixed fee price depending on which package you take.
3. Legal Fees
Often vendors find themselves facing a bill of a few thousand dollars for the legal side of property sales. MyPlaceConveyancing offers fixed fee online conveyancing to make the legal element of selling property more affordable. Currently available in Victoria, NSW, QLD and WA, it will soon be available in other states and territories. The fixed price includes a title search, plan, planning certificate and rates and outgoings reconciliation. It can undertake all the essential components of a property transaction. These components include completion of searches; preparing all conveyancing documents; explaining specific terms of& conditions to you; liaison with the lender on settlement requirements; preparation for settlement including final searches and inquiries; calculation of settlement amount and report to you; booking and attending settlement in person or via an agent.
4. Pre-sale renovations
Consider undertaking only the most necessary renovations before listing your property and look for the most cost-effective way to achieve the result you want. Perhaps you can perform some improvements yourself, such as painting or gardening. If you need to upgrade an area that adds value to your home such as kitchen or bathroom, look into cheaper ways to do that such as flat packed fixtures and appliances sourced through seconds retailers or builders auctions.
5. De-clutter for profit
Decluttering not only helps add value by increasing your home’s visual appeal, but there is potential to earn money through selling your unwanted goods at a garage sale or online. If you have renovated, there’s value in your old fittings, unwanted building materials and appliances as well. If you do a massive decluttering exercise, resulting in a vastly emptier home ready for sale, you may also find you have reduced moving costs.