Time to sell? You may need to sell urgently or perhaps you are willing to wait for the right offer. NP Evernest can help you make sure you maximise your property sale. Here are some things to consider when selling your property in Victoria.
Costs
You may need to factor in:
- Capital Gains Tax applies if you make a profit from your property sale. Read more at the Australian Tax Office website.
- Real Estate Agent fees
- Auction fee
- Legal and conveyancer fees
- Inspections for buildings and pests
- Valuation fees
- Outstanding taxes, rates and strata fees
- Marketing costs may sometimes be applicable
- Repairs and preparing the home for viewing
- Moving costs
The law
A contract of sale will outline the terms and conditions for the buyer and seller. A 3 day cooling off period will apply to private sales of residential and small rural properties.
The settlement process usually takes between 30 to 90 days.
There are many great online resources to help you understand the legal considerations when selling your property.
Things to think about
- The way you present your property can have a big impact on the final sale price. Investing in a few improvements and repairs may be necessary to maximise your sale price. Consider hiring a professional to prepare your property for sale. NP Evernest are experts in property presentation and can advise on modifications to suit your needs.
- Affective marketing is critical to the success of your sale. NP Evernest include print and online marketing services to spread the message about your property listing.
- If you are reliant on the funds from your sale prior to purchasing a new property, wait until the funds are cleared and the sale finalised before purchasing. No matter how secure the deal seams, things can change and sales are complex. Waiting to purchase your new property is the best bet.
- To auction or not to auction? NP Evernest can advise on whether an auction will be the right direction for your property. There are complex factors to consider when making this decision. Make sure you do your research and talk to professionals.
- When you set your reserve price, research the prices for similar properties in your neighbourhood. You can now find out the price history for individual properties online and also median prices for each neighbourhood. NP Evernest can also assist you to set your reserve price. Make sure you communicate your reserve price in writing with your agent.
