Ready to Sell Your Home? Here’s Where to Begin

Selling your home is a significant decision, both financially and emotionally. At Glynis Austin Properties, we understand the complexities involved and are here to guide you through every step. From setting the right price to understanding your mortgage obligations, we’ve got you covered.

Why Choose to Sell?

Australians decide to sell their homes for various reasons – outgrowing their current property, a change in life circumstances, or simply the desire for a fresh start. After careful consideration and sleepless nights debating, many take the exciting step of selling their home.

Preparing Your Home for Sale

Once you've decided to sell, the first step is to prepare your home. Before contacting an agent, make your property "open home-ready." This involves decluttering, tidying the garden, and ensuring everything looks its best. Then, consider when you want to sell, for how much, and what you need in an agent.

Determining Your Home’s Value

One of the most crucial steps is figuring out how much your house is worth. Several factors influence this, including:

  • Property Type: House, townhouse, strata title, etc.
  • Land Size and Location: The area and the neighborhood.
  • Comparable Sales: Prices of similar homes nearby.
  • Market Trends: Current and historical data.
  • Property Characteristics: Number of bedrooms, bathrooms, garages, and overall size.

Utilize tools like realestate.com.au’s automated valuation model for an estimated property value. Additionally, you can obtain an agent appraisal, bank valuation, or other desktop and automated valuations for a more comprehensive understanding.

Selling Methods: Auction vs. Private Sale

Residential properties in Australia are typically sold via private sale or auction. Here’s how to decide:

  • Auction: Ideal for high-demand or unique properties. Auctions are competitive and public, often driving up the selling price with no cooling-off period.
  • Private Sale: Suited for less public transactions. The property is listed with an asking price, marketed by an agent, and includes a cooling-off period, giving the buyer time to reconsider.

Collaborate with your agent to determine the best method for your property.

Off-Market Sales

Some properties are sold "off the market," meaning without public advertising. This method is less likely to achieve the maximum price due to the lack of competition. Consider this option carefully based on your property type and market conditions.

Special Considerations for Tenanted Properties

If your property is tenanted, it’s essential to consider the tenants' rights, which vary by state. If selling to an owner-occupier, managing tenants becomes crucial. Landlords can sell their property at any time, but fixed-term leases remain valid until their end date. Working with tenants to find a mutually agreeable solution, such as early termination by consent or offering compensation, can ease the process.

Selling a Deceased Estate

Selling a deceased estate involves additional considerations. Legal advice is crucial as the executor of the Will must handle taxes, debts, and ensure all entitlements are paid correctly. Each state has specific laws regarding inherited property sales, so make sure to understand the local requirements.

Understanding Capital Gains Tax (CGT)

When selling a property, understanding Capital Gains Tax (CGT) is essential. Generally, CGT is payable on the profit made from selling an investment property. However, exemptions exist, such as for a person's main residence or properties purchased before September 20, 1985. Small business concessions may also apply if the property is business-related. Seek qualified financial advice to navigate CGT and explore strategies to reduce your tax bill.

Contact Glynis Austin Properties for Expert Guidance

Selling your home can be a seamless and rewarding experience with the right guidance. Contact us today for a free appraisal and let us help you achieve the best possible outcome for your property sale in Brisbane