Selling a property involves various costs that can impact your final profit which may in turn impact your next purchase. Our calculator helps you estimate the total costs associated with selling your property, ensuring you are well-prepared and can budget effectively.
How to Use the Property Selling Cost Calculator
Using our Property Selling Cost Calculator is straightforward. Follow these steps to get started:
- Enter Real Estate Agent Costs:
- Sale Price of Property: Input the expected sale price of your property.
- Agent Commission (%): Enter the percentage commission charged by your real estate agent.
- Agent Commission ($): If applicable, specify the dollar amount of the agent’s commission.
- Agent Advertising Costs: Include any advertising costs charged by your agent.
- Auction Costs: If applicable, enter the costs associated with holding an auction.
- Is GST Included: Indicate whether the Goods and Services Tax (GST) is included (Yes or No) this is more relevant if you’re selling a Commercial Property not your home.
- Enter Lender Fees:
- Prepayment Fee: Specify any fees for prepaying your mortgage.
- Settlement Fee: Enter the fee charged by your lender for settling the mortgage.
- Discharge Fee: Include any fees for discharging your mortgage from your lender.
- Enter Other Selling Costs:
- Government Mortgage Discharge Fee: Input the fee for discharging your mortgage with the government.
- Solicitor/Conveyancing Fees: Enter the legal fees for solicitor or conveyancing services.
- Removalist Costs: Include the costs for hiring removalists to move your belongings if you’re selling your current home.
- Other: Include any other selling-related costs not covered above.
- View Your Results:
- Total Agent Costs: View the total costs associated with your real estate agent, including commission, advertising, and auction costs.
- Total Lender Fees: See the total fees charged by your lender, including prepayment, settlement, and early exit fees.
- Total Other Costs: Check the total of all other selling-related costs, such as legal fees, removalist costs, and settling costs.
- Total Selling Costs: See the estimated total cost of selling your property based on your inputs.
Understanding Property Selling Costs
Selling a property involves multiple costs, and understanding these can help you budget effectively and maximise your net proceeds.
Benefits of Using a Property Selling Cost Calculator
- Accurate Estimates: Get an accurate estimate of all costs associated with selling your property.
- Financial Planning: Plan your finances better by understanding the total costs involved in the sale.
- Profit Calculation: Determine the net proceeds from your property sale to make informed decisions.
Tips for Managing Selling Costs
- Compare Agent Fees: Shop around and compare real estate agent fees to find the best deal.
- Negotiate Costs: Negotiate with your agent and service providers to potentially lower your selling costs.
- Budget for Extras: Ensure you budget for unexpected costs that may arise during the selling process.
- Review Contracts: Carefully review all contracts and agreements to avoid hidden fees.
FAQs and Common Questions
What is a property selling cost calculator?
A property selling cost calculator helps you estimate the total costs involved in selling your property, including agent fees, lender fees, and other associated costs.
How can I reduce my selling costs?
You can reduce selling costs by comparing agent fees, negotiating with service providers, and budgeting for potential unexpected expenses.
Why is it important to understand selling costs?
Understanding selling costs helps you budget effectively, maximise your net proceeds, and avoid financial surprises during the selling process.
Can I include other costs in the calculator?
Yes, you can include any other costs related to selling your property that are not explicitly listed in the calculator to get a comprehensive estimate.
Using our Property Selling Cost Calculator and following these tips, you can effectively budget for the costs associated with selling your property and ensure you maximise your net proceeds.