What are the typical costs involved in selling a property on the Gold Coast?
When selling a property on the Gold Coast, there are several costs to consider over and above the sale price.
It’s important to budget for these costs to ensure a smooth and financially sound transaction. Here are the typical costs associated with selling a property on the Gold Coast:
Real Estate Agent Fees
Fees for using an estate agent to help you sell your property can vary. It’s common for agents to charge a commission based on the final sale price. This commission is negotiated between you and the agent and usually ranges from 2% to 4.5% or greater of the sale price.
Marketing Costs
To market your property effectively, you may need to invest in professional photography, virtual tours, floor plans and online listings. While some agents include these costs as part of their service, others may charge separately.
Legal and Conveyancing Fees
You’ll need a solicitor or conveyancer to handle the legal aspects of the sale, including preparing contracts, facilitating the settlement process and ensuring the transfer of ownership is done correctly. Legal fees can vary but are usually around $1,000 to $3,000.
Advertising and Promotion
If you choose to promote your property through additional channels, such as print media or online advertising, there will be associated costs.
Property Styling and Staging
Although not always necessary, investing in property styling and staging can enhance the visual appeal of your property and attract more potential buyers. The cost of staging can vary depending on the size of the property and the level of staging required.
Repairs and Maintenance
Addressing any necessary repairs or maintenance before listing your property can improve its appeal to buyers. Costs will vary depending on the nature of the repairs.
Rates and Utilities
You’ll need to cover council tax, water and utility bills until completion. These costs can add up, so it’s important to include them in your budget.
Capital Gains Tax (CGT)
Depending on your circumstances, you may be subject to capital gains tax on the sale of your property. It’s advisable to consult a tax professional to understand your tax obligations.
Mortgage Discharge Fees
When selling a property in Queensland, you may encounter a mortgage discharge fee. This is a cost your lender charges to release the mortgage from the property title. The fee covers administrative and legal tasks for handling the settlement process.
In Queensland, these fees vary by lender. On average, you can expect to pay around $350, with charges from major banks typically ranging between $150 and $600, however, they can be as high as $1000.
Title Search and Land Registry Fees
These fees cover the cost of obtaining a title search and registering the transfer of ownership at the Land Registry.
Building and Pest Inspection
Buyers usually arrange for a building and pest inspection as part of the property purchase process. Although it’s not compulsory, it can be wise to arrange an inspection yourself. Identifying and addressing potential problems early on will help you stay ahead of buyer concerns, streamline negotiations and increase confidence in your property.
Before listing your property, it is recommended that you consult with a real estate agent and other relevant professionals to gain a clear understanding of the potential costs you’ll incur during the sale process.
This will help you budget effectively and make informed decisions as you proceed with the sale of your Gold Coast property.
You looked for Real Estate Agent Surfers Paradise and you’ve found yourself here, so let’s chat over a coffee about the process of selling your home and how it all begins. Craig Douglas, your local Gold Coast Real Estate Agent 0418 189 963
Author – Craig Douglas
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
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This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight”.
I negotiate and sell on behalf of property owners who want to get the best possible price with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
