When it comes to financial impact, whether to sell or hold a property is highly consequential. In the short-term we are talking about tens of thousands of dollars. And over the longer term, we could be talking about hundreds of thousands of dollars put at risk or to be made.
Making the right call could net you a significant windfall, making the wrong call could narrow your financial future alarmingly. That is why coming to a decision to sell is so hard in the first place. It requires clear thinking and an unbiased analytical approach to looking at the numbers.
|Selling agent's commission||$2,000|
|Legal fees to sell||$1,234|
|Marketing costs for selling||$1,334|
|Staging for sale|
|Other selling costs|
|Capital gains tax||$33,935|
|Current property original purchase price||$362,000|
|Stamp duty paid|
|Legal fees to buy current property|
|Current property's LMI|
|Cost base - other|
|Other capital Gain|
|Salary & other income||$90,000|
|LVR for new purchase||80%|
|Stamp duty to pay||$40,575|
|Building inspection cost||$1,000|
|Pest inspection cost|
|Strata report cost|
|Other inspection costs|
|Legal fees to buy replacement||$1,200|
|Buyer's agent fee|
|Other entry costs|
|Replacement property target price||$948,584|
|Estimated new property expenses as %||1.5%|
Sell or Hold is perfect for the job, as it doesn’t factor in any behavioural bias about money. It simply collects your property’s data, analyses it, compares it to alternative markets and provides you with financial recommendations, showing all the reasons to either sell or hold. It uses artificial intelligence applied to big data to provide unparalleled predictive insights.
Many owners have been told by experts to “never sell”. Yet this is the wrong advice in so many cases. You could miss out on a better opportunity and even lose money by swallowing this one-size-fits-all cliché. Even after paying: capital gains tax; agent’s commission; stamp duty; and legal fees, you could still be better off selling and buying elsewhere - sometimes, much better off.
You owe it to yourself, and potentially to your family, to investigate what is the best decision for your case. For opportunities or for peace of mind, you can run your property through Sell or Hold and find out.