hey folks,
Im about to build a new house on my vacant land and was thinking of selling it to make a nice profit. If i sell for say $360k, how much of this actually goes into my pocket at the end of the day when all agent fees are paid etc.
Cheers, Ryan
That's a very difficult question to answer specifically. You need to take into account build costs, selling fees (legal, agents etc ) and also tax, which is totally dependent on your financial circumstances.
What would you like to know – just a breakdown of costs?
S
Yes just a rough breakdown would be great of the selling costs only, so not sure if the building costs are applicable.
Cheers
generally, the agent will charge % of the sale price achieved, the marketing costs. Your solicitors/Conveyancer will charge their costs + disbursements, bank will charge their debt, discharge fees & state charges. You get the rest.
Scott No Mates wrote:generally, the agent will charge % of the sale price achieved, the marketing costs. Your solicitors/Conveyancer will charge their costs + disbursements, bank will charge their debt, discharge fees & state charges. You get the rest.thanks for the help, so out of a $360K selling price, how much would i get in my pocket (roughly)?
Lots of variables.
Are you going to live in the house first? Otherwise it's an investment and you may be liable for CGT.
No-one can tell you how much you'll make when no-one knows the costs involved. What about interest paid? etc. Too many unknown facts.If it is your PPOR. End price – agent 2% (roughly) – land and build costs – interest etc = profit.
If it's not your PPOR then pay tax on the profit. OR wait 12 months and only pay tax on 50% of the profit.
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