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The Real Price of Change: Selling, Buying, and Starting Fresh
Manage episode 489705029 series 3603762
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What does it really cost to sell your home and buy another? Mortgage broker James Buchanan returns to the podcast to share the eye-opening reality of his recent property journey. After living on a lifestyle block for 20 years, James and his family decided to move closer to town, unwittingly embarking on a financial adventure that would cost them $40,000 in additional expenses.
The breakdown of these costs offers valuable insights for anyone considering a property move. The largest expense was the $21,000 real estate commission, followed by $5,000 in lawyer fees ($2,500 each for buying and selling). James spent $1,500 on professional cleaners just before settlement, an expense he considers essential given the dramatic transformation they achieved in his family home. Marketing costs, temporary accommodation in an Airbnb between settlements, storage containers, and numerous dump runs all added up to create a substantial financial burden that wasn't fully anticipated.
Perhaps the most valuable takeaway from James' experience is the importance of preparation. Six weeks of intensive work was required to get his property ready for sale after 20 years of family life. For listeners planning a move, James recommends starting the decluttering process early, considering alternatives to expensive dump runs like garage sales or giveaways, and being realistic about the full financial picture. While first-time buyers will face fewer costs, they should still budget beyond just their deposit and mortgage payments. Remember that proper planning not only saves money but significantly reduces the stress associated with one of life's major transitions.
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Chapters
1. Welcome Back and Life Changes (00:00:00)
2. Selling a Lifestyle Property (00:01:11)
3. Breaking Down the $40,000 Costs (00:02:43)
4. Decluttering and Preparing for Sale (00:05:37)
5. Key Takeaways for Home Buyers (00:09:19)
6. Episode Closing and Recommendations (00:11:16)
86 episodes
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