Page 11 - Smartline eBook - Upgrading your home
P. 11

 Pros and cons of moving
PROS CONS
• You may want to buy in a better location.
• You may get better value for money upsizing to a bigger house than renovating a smaller property due to the
high cost of renovating.
• Your current house may not
lend itself to being renovated sufficiently to achieve the home you really want (e.g., it may have poor foundations, be too old or dated, be located on a sloping block or have large trees or other structures in close proximity to the site).
• There are many ‘empty’
costs including stamp duty, conveyancing and valuation fees, real estate agent commission, advertising, property styling packages, moving, potential renting costs and so on.
• The hassle, stress and financial logistics of preparing your house for sale and looking for a new property simultaneously.
• The stress of leaving the familiarity of schools, local amenities and potentially, cherished friends and neighbours.
 benefits such as proximity to schools, public transport and facilities, as well as negative aspects such as roads that could be noisy or congested. Look at price trends in your suburb and those in surrounding suburbs. Your Smartline Adviser can
give you access to property reports and recent sale prices in your area, which are invaluable in determining the right price for your own property.
Real estate agents are usually happy to provide a free home market appraisal. It’s worth getting several reliable local agents to value your home – and be sure to ask them how they arrived at the price.
Be realistic about your asking price and set it at fair market value. An asking price that’s too high could discourage potential buyers.
Costs
The four main costs you should expect when selling your home are conveyancing (legal) fees, marketing, the agent’s commission and professional property
styling costs.
Conveyancing fees
It is highly recommended to use a solicitor or a licensed conveyancer to sell your home. Local solicitors tend to have a better knowledge of an area and should be well equipped to pick up any discrepancies. Vendors should budget between $500 and $2,200 for conveyancing fees plus at least $280 for disbursement costs
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