The True Costs of Selling Your Property

Selling your property in Queensland, Australia can be both an exciting and daunting experience. While the idea of financial gain and a fresh start is appealing, it’s crucial to understand the various costs associated with selling your property in the region. This article will take an in-depth look at these costs, including real estate listing portals and social media marketing, providing you with the information needed to make an informed decision when it comes time to sell your home.

Real Estate Agent Commissions

When you engage a real estate agent to sell your property in Queensland, you’ll typically need to pay a commission fee. This fee usually ranges from 2% to 3% of the home’s selling price, depending on factors such as location and property type. Although you may be tempted to sell your property without an agent, working with a professional can help you navigate the complex selling process, price your home accurately, and negotiate on your behalf.

Real Estate Listing Portals and Social Media Marketing

To effectively market your property, you’ll need to list it on popular real estate portals such as realestate.com.au and domain.com.au. Listing fees on these portals can vary depending on the package you choose, with basic packages starting at around $500 and premium packages costing over $2,000. In addition to listing portals, you may want to consider using social media platforms like Facebook and Instagram to promote your property. Social media advertising costs can range from a few hundred to several thousand dollars, depending on the campaign’s reach and duration.

Pre-Sale Home Inspection and Repairs

A pre-sale home inspection can help identify potential issues with your property, giving you a chance to address them before listing. The cost of a home inspection in Queensland varies based on the size of the property, but it generally ranges from $300 to $700. If the inspection reveals necessary repairs, you’ll need to budget for those expenses as well. Completing repairs before listing your home can help attract more buyers and lead to a higher selling price.

Home Staging and Professional Photography

To make your property stand out to potential buyers, you’ll need to invest in professional staging and photography. Staging involves arranging furniture and decorations to showcase your home’s best features, while professional photography highlights these features in the listing photos. The cost of staging in Queensland can range from a few hundred to several thousand dollars, while professional photography typically costs between $250 and $1,500.

Conveyancing and Legal Fees

Conveyancing is the process of transferring property ownership from the seller to the buyer. In Queensland, you’ll need to engage a conveyancer or solicitor to handle the legal aspects of the property sale. Conveyancing fees in Queensland typically range from $800 to $1,500, depending on the complexity of the transaction. Additionally, you may incur extra charges for searches and certificates required during the process.

Transfer Duty

Transfer duty, also known as stamp duty, is a tax imposed on the transfer of property ownership. In Queensland, transfer duty is calculated based on the property’s value, with rates ranging from 1.5% to 5.75%. As a seller, you won’t need to pay transfer duty on your property sale, but it’s essential to be aware of this cost as it can impact the overall affordability for potential buyers.

Capital Gains Tax

If you’re selling an investment property or a second home in Queensland, you may be liable to pay capital gains tax (CGT) on the profit you make from the sale. CGT rates depend on your income tax bracket and the length of time you’ve owned the property. Keep in mind that CGT doesn’t apply to the sale of your principal place of residence.

Moving Expenses

Lastly, don’t forget to factor in the cost of moving to your new home. Moving expenses vary based on the distance and the number of belongings you have, but you can expect to pay anywhere from a few hundred to several thousand dollars.

Selling your property in Queensland involves more than just listing it on the market and accepting an offer. Understanding the true costs associated with selling your property in the region can help you make informed decisions throughout the process and ultimately maximise your return on investment. By being prepared for these expenses, you’ll be better positioned to navigate the home-selling journey and move on to the next chapter of your life.

Tye Thies

Tomoro

353 Ruthven Street, Toowoomba Qld 4350

07 4580 0811