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7 Essential Costs to Budget for When Selling a Property
5 days ago
7 Essential Costs to Budget for When Selling a Property

When selling a property, it’s easy to overlook the range of additional expenses beyond agent commission. Properly budgeting for these costs can save you from surprises down the road. Here are seven key expenses to plan for:

  1. Agent Commission
    Agent fees vary based on location, property type, and commission structure (fixed-rate or tiered). A fixed rate is a set percentage of the sale price, while a tiered rate varies with the sale amount.

  2. Legal Fees
    Even when selling, you’ll need a conveyancer or solicitor to handle the legal aspects. Set aside around $1,000 to cover these services.

  3. Advertising and Marketing Costs
    Depending on your agreement, you may need to fund the property’s advertising and marketing separately from the agent’s commission. These costs can reach several thousand dollars, so prepare in advance.

  4. Property Preparation
    To maximise appeal, invest in property preparation, which may include repairs, redecorating, or professional staging. These costs are crucial to achieving a good sale price and should be included in your budget.

  5. Auctioneer Fees
    If selling via auction, plan for an additional $400–$500 for the auctioneer’s services.

  6. Mortgage Discharge Fee
    If you have an outstanding mortgage, the bank will charge a discharge fee when the mortgage is paid off, generally around $1,000, though this depends on your loan terms.

  7. Moving Costs
    Moving out brings its own expenses. Moving company fees vary by location and property size, with around $1,000 covering most cases. If temporary storage is needed, account for those additional costs as well.

With these expenses in mind, selling a property can cost between $15,000 and $20,000, including agent fees. Planning ahead ensures a smoother selling process without unexpected financial strain.

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