What costs should I consider when selling my home?

Posted by Joanne Anderson on 1 July 2018
What costs should I consider when selling my home?

There are a number of costs to take into account when making the decision to sell your home.

The first step is to consider what type of home loan you have.  If you have fixed your interest rate for a term, then the bank will likely have "break costs"- these can be substantial.  So you should speak to your bank about the amount that would apply in your circumstance before committing to a sale.  Generally, the longer you have left remaining on the fixed period, the more those costs will be.  If you have a variable interest rate then break fees should not apply, but you should still check with your bank to make sure you know what their discharge fees will be.

You should then consider your real estate agent's commission.  This is generally a set percentage of the sale price you achieve once you have a buyer.  The fee is negotiable and will vary between different agents.  Always check if the percentage amount you are quoted is inclusive of GST.  You should also ask what other costs there may be such as advertising or marketing, that may be charged in addition to the commission percentage.

If you are thinking of selling without a real estate agent, you need to consider the marketing and advertising costs you will need to outlay.  You also need to make sure you are a skilled negotiator, and have the time to show your property, receive enquiries and be able to accept potential negative feedback about your property, not just the positive.

Your conveyancing fees will be fixed, and we will provide you with a set amount of what those are.  Many other lawyers or conveyancers will give you a quoted fee which does not include disbursements.  Disbursements are expenses outlaid in your sale such as council certificates and searches.  Our quote includes these amounts, so you can be assured that there won't be any nasty surprises leaving you short of funds on settlement day.

You should also importantly consider your moving costs.  Research removalist fees in your area, these can potentially be more than you expect.  Don't underestimate the amount of household items you will have to move, so the quote you get doesn't increase when there is more than anticipated to collect on moving day.

Going through all your costs before you make the decision to sell, can make sure you feel elated when you get that right price!

Posted in: Tips Selling property  

What is a first home buyer in NSW?

Posted on 24 June 2018
What is a first home buyer in NSW?

In NSW, to be a first home buyer, you must be a person of at least 18 years of age who has not, and whose spouse/de facto has not:

  • at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor
  • previously received an exemption or concession under First HomeNew Home
The First Home Buyers Assistance scheme provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.

Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.

If there are more than one first home buyers purchasing a property, at least one must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months of completion of the agreement.

Posted in: Tips First Home Buyer  

What does it mean if I'm told my sale or purchase is an electronic transaction?

Posted by Joanne Anderson on 1 May 2018
What does it mean if I'm told my sale or purchase is an electronic transaction?

Property Exchange Australia (PEXA) is Australia's online property exchange network, and was formed under the direction of the Council of Australian Governments to simplify and digitise the property exchange process.

By July 2019, all standard property transactions in NSW will be conducted electronically.  At the moment, not all conveyancers and solicitors are on board with this option, so not every transaction can occur on the PEXA platform.

If your sale or purchase is however, able to transact this way, it means all parties involved at the time of setltement lodge documents and complete financial settlements electronically in real time, rather than needing to meet and hand over cheques and paper documents.

The benefits are:

  • the risk of errors and delays are reduced, giving greater certainty that you transaction will be processed on time;
  • when selling a property, you will generally have access to your sale proceeds within an hour of the settlement taking place, a  as funds are transferred electronically via Australia's central bank, the Reserve Bank of Australia;
  • when purchasing a property, your title ownership will generally take place within an hour of settlement, vastly minimising your ownership risk following the transfer of funds to the vendor;
  • settlement times can be more flexible, not needing to wait for all parties to arrange a convenient time to travel and meet at a mutual physical location
  • once settlement takes place an e-title will issue, meaning there will no longer be any paper title deed to keep safe, or locate at the time of a property sale
For more information visit: http://www.nswlrs.com.au/plan_and_title_registration/national_e-conveyancing_nsw
 

Electronic Conveyancing

Posted by Joanne Anderson on 28 February 2018
Electronic Conveyancing

What is electronic conveyancing?

What started as an idea to make the legal transfer of ownership of property a fully electronic system from start to finish, ended up as just a platform to finalise the end part of the transaction (settlement). 

By July 2019, all standard property settlements in NSW will take place electronically.  At the moment, not everyone is a member of the electronic settlement system (PEXA), so not every transaction can currently occur this way.

If your sale or purchase is however, able to transact this way, it means all parties involved at the time of setltement lodge documents and complete financial settlements electronically in real time, rather than needing to meet and hand over cheques and paper documents.

We are an early adopter of the system, and are nearly up to our 100th transaction.  We have plenty of experience and enthusiasm for making the property transfer system simpler and less overwhelming.  We have systems and tools to assist you remotely so you can keep moving on with every day busy life at the same time as being looked after when dealing with your most important asset.

 

What if I want to buy or sell during the Christmas break period?

Posted by Joanne Anderson on 21 December 2016
What if I want to buy or sell during the Christmas break period?

Generally, there is no active marketing of real estate during the week's break between Christmas Day, and New Year's Day.  So relax and do some planning and reflection (mixed in around your festive celebrations!), to get prepared for when the action starts once again in January.

Whilst our office does not open until Monday 9 January, please feel welcome to send us an email via our "Contact Us" page.  

Let us know whether you have found the perfect property to purchase, or have decided to sell up and make a move in 2017.  We can then respond back with some information and guidance on the steps to take to be poised and ready to hit the ground running in the New Year.

 
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IGS Ventures Pty Ltd

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