When selling your home, one of the most important questions you’ll ask is, "How much do I get when I sell my house?" The amount you walk away with, also known as the net proceeds, is the difference between your home’s selling price and the costs associated with the sale. Understanding how to calculate net proceeds will help you plan your finances and ensure you’re making an informed decision. In this guide, we’ll break down the steps to calculate the net proceeds from selling your home, with support from Sale by Home Owner Australia.

1. Start with the Sale Price

The first step in calculating your net proceeds is to determine the sale price of your home. This is the amount that the buyer agrees to pay for the property. Keep in mind that the sale price is usually negotiated between you and the buyer, and it can vary based on the market conditions and any offers you receive.

If you're working with Sale by Home Owner Australia, we can help you determine a competitive price for your home based on local market data. Pricing your home correctly will not only help you sell faster but also maximize your potential net proceeds.

2. Subtract the Costs of Selling Your Home

Once you know the sale price, you need to account for the various costs involved in selling your house. These costs can significantly affect how much you ultimately make from the sale. Some of the most common selling costs include:

Real Estate Agent Commission: If you choose to work with a real estate agent, you'll typically pay them a commission based on the sale price. In Australia, agent commissions usually range from 1.5% to 3% of the sale price. If you decide to sell your house without an agent, you can save this cost. Sale by Home Owner Australia allows you to list your home without the need for a real estate agent, which can increase your net proceeds by eliminating this commission fee.

Closing Costs: These include a variety of fees, such as lawyer fees, title insurance, and transfer taxes. Closing costs typically range between 1% and 3% of the sale price, but the exact amount depends on the specifics of the sale and your location.

Repairs and Upgrades: Depending on the condition of your home, you may need to make repairs or updates to make it market-ready. These costs can include anything from fixing a leaky roof to freshening up the paint. If you’re listing your home on Sale by Home Owner Australia, we can provide you with tips on how to present your home to maximize its value with minimal expense.

Mortgage Payoff: If you have a mortgage, you’ll need to pay off the remaining balance when you sell your home. This amount is deducted from your sale proceeds before you receive any funds.

3. Consider Other Costs Like Moving Expenses

While not directly related to the sale, you should also account for moving expenses. These costs can include hiring movers, renting a truck, or purchasing packing supplies. While these costs don’t factor into your net proceeds, they should still be considered when planning your overall budget after selling your home.

4. Subtract Debts or Liens

If you owe any unpaid property taxes or have other liens on the property, they will need to be paid off when you sell your house. These debts will reduce your net proceeds. It's important to check your property’s status before listing it, as any unpaid dues can delay or complicate the sale process.

6. Use Online Tools to Estimate

If you want a quick estimate of how much you might receive from selling your home, many websites, including Sale by Home Owner Australia, offer online calculators to help you estimate your net proceeds. While these tools are not 100% accurate, they provide a good starting point for understanding your potential earnings from the sale.

Conclusion

Understanding how much do I get when I sell my house involves more than just the sale price. By considering all the costs associated with selling your property, including agent fees, closing costs, repairs, and mortgage payoffs, you can better calculate your net proceeds. If you choose to sell through Sale by Home Owner Australia, you can save on agent commissions and make the process more affordable, potentially increasing your final take-home amount. By carefully accounting for all these factors, you can ensure you’re fully prepared for the financial outcome of your home sale.