© Copyright Wood Property | Privacy Policy
The best way is to ask an agent. Otherwise adjust the sale price of comparable properties to yours making allowances for size, location, outdoor areas, condition, car spaces, change in market over time, and anything else that adds or detracts from buyer appeal. The more comparable the sold property is, and the fewer the adjustments the better.
The best way is to ask an agent. Otherwise adjust the sale price of comparable properties to yours making allowances for size, location, outdoor areas, condition, car spaces, change in market over time, and anything else that adds or detracts from buyer appeal. The more comparable the sold property is, and the fewer the adjustments the better.
Anywhere from 3 to 5 months from appointing an agent to getting the money (settlement) broken down as follows. Longer if you need to vacate a tenant.
Agents selling fees range from 1.5% to 2.5% (plus GST) of the sale price depending on the value and type of the property. The marketing costs are in addition.
The advertising or marketing costs range from about $3,000 (internet ads only) to up to $25,000 which includes newspaper ads (Domain). Staging or furniture hire costs are additional to this and range from $3,000 to $15,000.
Spring or Summer time is generally the best time to sell an apartment in Melbourne depending on where it is or what type of apartment it is. This is because life and activity around most apartments is more vibrant.
Yes, you can sell without advertising. It is called an “off market” sale. You appoint an agent who introduces buyers they know may be interested in buying your property. The risk is missing out on other buyers who would pay more but don’t know it is for sale. Also it can be hard to know if the introduced buyers are paying their maximum price if they don’t have competition.
Yes, you can give a tenant 60 days to move out if their lease has ended (or within 60 days of ending) and is on a month to month (periodic) basis. However, if the tenant is still within a fixed term lease then no, you can’t ask them to move out because your selling.
Yes, you can sell while the tenant is in the property. However, it is not recommended as buyers may be put off by the presentation if it is not good. Also, if the tenant is on a lease for some time, buyers who want to move in may be less interested. It can also limit available inspection times.
It is recommended you are there but it’s not essential. You will need to be contactable by phone to confirm instructions during the auction and maybe by computer to review and sign the contract (digitally) if it sells.
Between $700 – $1,500. It will vary on other costs associated with the process and how many certificates (eg. maybe multiple owners corporations) and the settlement process.
Not normally. The marketing cost for an Auction or Private sale cost the same. However, some agents may charge things like an auctioneers fee or other costs specifically associated with an auction.
If you anticipate multiple keen bidders, then Auction works well. It forces buyers to compete against each other. Private sale is best if you are likely to get only one or two keen buyers or they need to buy subject to finance. (you can’t bid subject to finance at auction)
Neither are necessarily quicker. An auction takes about 4 weeks but can sell before auction or pass in and take longer. Private sale can sell in the first week or take months. A property sells quickly when it is well presented, well marketed, realistically priced and promoted well by your agent.
If a property does not sell at auction it “passes in”. Which means it moves from “sale by auction” to “private sale” and generally will have a specific quote price advertised. Alternatively, the owner can choose to withdraw if from sale altogether.
You need your property to pop online and delight during inspections. Photographs and inspections of a vacant property look unloved and miss the chance to connect with a seller emotionally which justifies them to pay more.
Marketing is either paid for upfront or later via a “pay later” third-party
Yes, a conveyancer needs to prepare the contract of sale (including the Vendors statement) and communicate with the buyer’s conveyancer to complete the transfer of ownership once the property is sold.
If the contract of sale is subject to finance, then the buyer can withdraw from the contract with minimal penalty and the sale does not proceed.
If the contract of sale is unconditional, then the buyer will default on the contract, forfeit the deposit and may be responsible for additional costs and losses.
In Victoria it is 3 business days after a contract of sale is signed where the buyer can chose to withdraw from sale without reason for a small penalty.
In Victoria it is 3 business days after the contract of sale is signed.
In Victoria the penalty for withdrawing your offer during the cooling off period is $100 or 0.2% of the purchase price, whichever is greater.
Yes. In almost all circumstances moving the tenant out allows the owner to maximise and control the presentation both online and in person. Whilst this means the seller misses about 3 months rent it increases the chance of selling significantly and at a better price.
Internet ads take up most of the cost. The full list of potential mediums and costs are;
Staging or furniture hire is additional and is a large part of the selling costs.
Some agents may also include additional things like
Yes, you can include anything in a property sale. They all need to be itemised in the contract of sale. Whether you should or not, and if they add any value depends on their quality and if a buyer actually wants them. Things like integrated fridges or hard to remove washing machines and dryers are sometimes included in a sale of an apartment.
Get a FREE book - “Apartments made easy” when you join.
"*" indicates required fields
© Copyright Wood Property | Privacy Policy