5 Ways to Save Money When Selling Your Home
It’s fair to say that selling a home can traditionally be quite tough on the wallet.
With the emergence of the internet and new technologies, there are new ways to be penny-wise, while still maximising your sale price and achieving your desired outcome. Here are 5 great ways you save money when selling your property.
Sell It Yourself
In Australia, the average commission rate sits at approximately 3%, including marketing fees. Let’s suppose your home is valued at $600,000. This means a commission rate of 3% would see you incur approximately $20,000 in fees.
The emergence of new technologies and the internet has levelled the playing field by allowing online services, like buyMyplace, to enter the real estate market. We empower property owners, like you, with the same access to Australia’s major real estate websites as traditional agents have, such as Realestate.com.au and Domain.com.au.
Using our real estate agent license, we list your property on your behalf, which puts you in the driver’s seat and eliminates the need for a traditional agent. When selling privately, you’ll earn thousands in savings that would have otherwise been spent in commission. Plus, you’re enabled to sell your home your way, on your terms.
Most people aren’t aware that a traditional agent’s commission rate often doesn’t include an additional marketing fee of approximately 1%. In keeping with the example above, a home valued at $600,000 may incur marketing fees of up to $6,000.
Online real estate companies charge a flat fee, with their most basic campaigns simply covering the cost to advertise your home online. Even if you sell privately using a premium marketing campaign, you’ll be sure to save money compared to the traditional method of selling a home.
The Legal Side of Things
When it comes to the legal requirements of selling a property, be sure to do your due diligence before hiring a conveyancer. Shop around, get a few quotes and compare costs to their value propositions.
Another great way to save is by using an online conveyancing service. They provide the same quality legal service but at a more reasonable cost. Plus, you can manage the legal component of selling your property entirely online, from the comfort of your home.
Check out our partner, lawlab – Australia’s leading national conveyancing law firm by clicking here. Lawlab will legally secure your sale, save you time and delay and take the stress out of selling.
Give It a Makeover
Renovations and touch-ups are a sure-fire way to increase the value of your property, which helps yield a higher sale price. That said, to save money, consider only undertaking the most necessary renovations and use the most cost-effective way of achieving the result you want. For example, we’re sure you could pay a family friend to do some handiwork. Alternatively, we’re sure you could handle some of these renovations yourself.
If renovating areas of significant value are a must, such as the kitchen or the bathrooms, investigate cheaper ways to do so. For example, you can purchase flat-packed fixtures and appliances sourced through builders’ auctions or second-hand retailers.
Declutter for Profit
When selling a home, it’s best to showcase your home as neutrally and minimally as possible. You might as well use this opportunity to prepare yourself for the big move, too. Sort through your home meticulously and get rid of excess belongings. If you have renovated your home, there is value in your old fittings, unwanted building materials and appliances. Ridding of your unwanted goods will not only increase your home’s visual appeal, but you can also earn some cash by selling them online or at a garage sale.
To effectively sell your home, it’s inevitable that you’ll incur some costs. However, if you commit a reasonable amount of your time and effort, you’ll be surprised at how much control you can have over your costs. Your hard work is sure to be well worth your savings.