RENOVATED
EXISTING
Renovate or Move?
As the costs of new homes and real estate rise rapidly, it’s important to consider the non-refundable expenses involved in the buying and selling process. Here are some typical costs you may encounter with each home transaction:
Professional Photography and Videography:** This includes drone photos and videos of the property.
Signage: For advertising on the street front.
Marketing: Ads on social media and listings on real estate websites.
Printed Materials: Flyers and other advertising materials, which can total around $4,000.
Commission Fees: Real estate commissions generally range from 1.5% to 3.5%, averaging about 2.5%. For a median home price of $1,130,000, this amounts to approximately $28,250.
Auction Fees:** These can be up to $1,500.
Conveyancing Fees:** Expect to pay around $1,800.
Stamp Duty:** For a new property at the median price, this could be as much as $50,000.
Temporary Rent:** If you need to rent while searching for a new home, expect around $780 per week, totalling approximately $9,360 for 12 weeks (move) $60,840 for18 months (build new) .
Moving Costs: Removalist or storage fees can add up to $3,500.
When you add up these potential costs, selling and buying a new home could lead to expenses of up to $100,000, which often goes unnoticed. Instead of spending that amount on fees, consider investing it into renovations. Moreover, upgrading to a new home typically involves a cost difference between what you’re selling and what you’re buying, which can significantly enhance your renovation budget.