5 Ways to Save Money When Selling Your Home
When selling your most valuable asset, it’s fair to say the process can be costly.
But never fear, there are ways to save your pennies and maximise the profit you make from selling your property. Here are 5 ways you can control just how much money you dish out to sell your property.
Do It Yourself
On average, agents charge 3% in commissions and marketing fees to sell your property. Let’s suppose your home is worth $600,000. Did you know you’d be giving away over $19,000 if you chose to sell through an agent?
Selling your property privately isn’t as scary or as difficult as you might have been led to believe. Vendors now have access to the same real estate portals that traditional agents do because of private real estate companies like us at buyMyplace. We list your property on your behalf using our agent license. Plus, we make selling property privately easy for you. We offer a range of property-advertising campaigns at a fixed fee so that you can work within your budget. With this in mind, there’s no reason that you can’t sell your own home!
Most people aren’t aware that agents charge an additional marketing fee of about 1% on top of their commission rate. While an agent’s commission rate is a cost incurred for their time and service, marketing fees cover costs associated with advertising your property. Keeping with the same example, if your home is worth $600,000, you’ll be paying $6,000 in marketing expenses alone.
With private real estate companies, you’re essentially paying for your marketing expenses when you purchase a campaign. At buyMyplace, our most comprehensive campaign, the Ultimate Campaign, comes with all the bells and whistles – from professional photography to a Feature Listing on Realestate.com.au – all for a grand total of just $2,495. That’s savings of $3,500 alone, not too shabby if you ask us.
The Legal Side of Things
When it comes to the legal requirements of selling a property you’ll want to be confident that your conveyancer/solicitor/settlement agent can take care of every aspect of the legal process correctly. That said, don’t feel pressured to go with the first solicitor you speak to. Shop around, get a few quotes and weigh up the proposed services versus the costs.
Consider using an online conveyancing service. They provide the same quality service but usually at a much lower cost. Plus, you have the ability to deal with the legal component of selling your property from the comfort of your home.
Give It a Makeover
Renovations and touch-ups are a sure-fire way to increase the value of your property, allowing you to sell your home for a higher price. 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. We’re sure you could even handle some of these renovations yourself. Pick up your paintbrush or get your hands dirty by sprucing up the garden.
If you need to upgrade areas that add significant value to your property, such as the kitchen or bathrooms, investigate cheaper ways to do so. For example, you can purchase flat-packed fixtures and appliances sourced through second-hand retailers or at builders’ auctions.
Declutter for Profit
When selling a home, you want to display your home as neutrally and minimally as possible. Use this as an opportunity to sort through your belongings and get rid of your excess belongings. If you have renovated your home, there is value in your old fittings, unwanted building materials and appliances. Decluttering and ridding of your unwanted goods will not only increase your home’s visual appeal but you can also earn some extra money by selling them online or at a garage sale.
Wrapping it Up
It’s inevitable that you’ll have to spend some money to sell your home. However, if do your research and commit a little time and effort, you’ll be surprised at how much control you can have over your costs. Trust us when we say that putting in some hard work is well worth the thousands you could save!