In Sydney our median house price is around $1,060,000 so to buy and sell in a similar price range:
Agents fees $22,000
Staging $6,000 ( if needed)
Stamp duty $45,000
Mortgage insurance $10,000 ( if needed)
Bank fees $1000
Removalists $1000 plus
Plus if there needs to be any repairs done prior to selling it all adds up!
Last edited by Elijahs Mum; 13-11-2015 at 17:48.
To rent out your old house you pay agents roughly $100 to $200 for photographs, 1 week rent for agents fees (for advertising and inspections etc) then around 5% of the rental income to look after the joint. It's pretty cheap to set up really.
We just made sure that the rental income covered all the costs of the old property (strata, council rates, water,potential repairs, landlords insurance, building insurance, agents fees) and the interest only mortgage repayments.
One thing we did was overestimate the value of the rental property to the bank, as they will never value it at more than your estimate. The bank will then lend you 80% of the value of your old house.
It's a lot of paperwork and hassle (and putting the property on the rental market was stressful) but will hopefully pay off in the long term. Hope that's of help.
Last edited by Bongley; 14-11-2015 at 08:31.
Location is important to me; however if only 5 mins up the road I could get everything I wanted then I would move.
Pregnant for the first-time?
Not sure where to start? We can help!