Selling a Home in Patterson Lakes, Chelsea Or the Surrounds: What Does It Really Cost?

If you're thinking about selling your home in Patterson Lakes, Chelsea or the surrounding bayside suburbs, one of the first questions you're likely to have is: what will it actually cost to sell?

There isn't one fixed answer. The cost of selling a property depends on the home, the marketing strategy, the method of sale and the agent you choose. More importantly, the cheapest selling strategy isn't necessarily the one that leaves you with the most money at the end.

At Mitchell Torre Real Estate, we've been selling homes throughout Patterson Lakes, Chelsea and Melbourne's bayside for decades. Here are the main costs worth understanding before you put your property on the market.

Real estate agent commission/Success Fee

Agent commission is generally calculated as a percentage of the eventual sale price, although the structure can vary between agencies and individual campaigns.

When comparing agents, it's worth looking beyond the percentage alone.

The difference between commission proposals can be relatively small compared with the difference a strong campaign and skilled negotiation can make to the final sale price.

Ultimately, your net result after all selling costs is the figure that matters.

Property marketing

A good marketing campaign is designed to put your home in front of as many relevant buyers as possible and create competition for the property.

Depending on the home and campaign, marketing may include:

• Professional photography and floorplans

• Major property websites

• Signage

• Digital and social media advertising

• Database marketing

• Video and other premium marketing options

  
  

Not every Patterson Lakes or Chelsea property requires exactly the same campaign. A waterfront home with a private mooring, for example, may need to be marketed differently from a villa, townhouse or first-home-buyer property.

The marketing strategy should suit the property and the buyers most likely to purchase it.

Marketing goes beyond brochures

Conveyancing and legal costs

You'll need a conveyancer or solicitor to prepare the appropriate documentation and manage the legal side of the transaction through to settlement.

Their fees vary depending on the property and complexity of the sale, so it's worth obtaining a quote before going to market.

Preparing your home for sale

This is another area where costs can vary enormously.

Some homes benefit from professional styling, painting, gardening or minor repairs. Others need very little preparation at all.

Before spending thousands of dollars, it's worth having an experienced local agent walk through the property with you. Often there are a handful of relatively inexpensive changes that make a meaningful difference to presentation, while other improvements simply won't return what they cost.

Do sellers pay stamp duty in Victoria?

Generally, stamp duty is paid by the purchaser rather than the vendor in a standard Victorian property transaction.

Depending on your circumstances, however, there may be other financial or taxation considerations associated with selling a property. Investment properties in particular can have capital gains tax implications, so appropriate professional tax and legal advice should be obtained for your individual circumstances.

Ensuring paper work is correct is crucial.

Conveyancing and legal costs

You'll need a conveyancer or solicitor to prepare the appropriate documentation and manage the legal side of the transaction through to settlement.

Their fees vary depending on the property and complexity of the sale, so it's worth obtaining a quote before going to market.

Preparing your home for sale

This is another area where costs can vary enormously.

Some homes benefit from professional styling, painting, gardening or minor repairs. Others need very little preparation at all.

Before spending thousands of dollars, it's worth having an experienced local agent walk through the property with you. Often there are a handful of relatively inexpensive changes that make a meaningful difference to presentation, while other improvements simply won't return what they cost.

Do sellers pay stamp duty in Victoria?

Generally, stamp duty is paid by the purchaser rather than the vendor in a standard Victorian property transaction.

Depending on your circumstances, however, there may be other financial or taxation considerations associated with selling a property. Investment properties in particular can have capital gains tax implications, so appropriate professional tax and legal advice should be obtained for your individual circumstances.

Patterson Lakes properties can require a different approach

Patterson Lakes is an unusually diverse property market.

Waterfront homes, canal properties, private moorings, townhouses, apartments and traditional family homes can sit relatively close to one another while appealing to quite different groups of buyers.

For waterfront property particularly, understanding the value of attributes such as water orientation, mooring facilities, canal position, land size, access and the quality of the waterfront improvements can be important when determining both price and marketing strategy.

A generic approach doesn't always do these homes justice.

Selling in Chelsea

Chelsea has its own distinct buyer market, from beachfront and lifestyle properties through to family homes, townhouses, units and investment properties.

Proximity to the beach, station, shops and schools can all influence buyer demand, while individual pockets of Chelsea can perform quite differently.

That's why we'd rather assess a property individually than rely solely on an automated estimate or suburb-wide median.

So, what will it cost to sell your home?

The best way to answer that question is to work backwards from the result you're trying to achieve.

Before committing to anything, we can give you a clear indication of your property's likely market value, recommend an appropriate marketing campaign and explain the expected selling costs.

That gives you a much more useful number:

What are you likely to walk away with after the property is sold?

Mitchell Torre Real Estate is an independent bayside agency servicing Patterson Lakes, Chelsea, Carrum, Bonbeach, Edithvale, Seaford and surrounding areas, with experience across residential sales, property management and waterfront property.

If you're considering selling, you're welcome to speak with our team for a straightforward assessment of your property, likely selling costs and the best strategy for taking it to market.