It may seem easy to put your home onto the market and move to a bigger one. But before you do, here are a few things to consider:
The costs associated with moving house can be significant and include:
- Stamp duty – if you are buying a house that costs $700,000, stamp duty and government costs will be approximately $27,700.
- Refinance costs – will vary depending on your bank and the loan.
- Agent fees – The average is 2 – 2.5% or $10,000 to $12,500 when selling a $500,000 house.
- Conveyancing costs - $700-1300.
- Building and pest inspection reports – between $500 - $1000.
- Moving costs – between $500 and $3000 depending on the contents of your home.
- Marketing costs – between $500 and $1000 for 45 days.
- Renovations and repairs to your existing home for sale.
- Home staging expenses – between $2000 and $8000.
Before you make a decision, speak to your local, licensed builder so they can give you an idea of what it would cost to extend your home and what you can achieve with your budget.
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