Monday, December 8, 2008

Purchasing a Home Extra Costs

Budget for Extra Costs When Purchasing a Home

When purchasing a home be sure to account for all the costs beyond the purchase price itself.

HERE IS A SUMMARY

  • Stamp duty, this is a compulsory tax charged on any exchange of property at the time of purchase

  • Legal fees, generally a conveyancing firm or solicitor will need to be hired to analyse and oversee all documents. A title search is always needed to assure outright ownership and that there are no legal encumbrance's.

  • Building and pest inspections, necessary inspections to identify all potential defects in the buildings as well as in the environment and to look for termites and other pests.

  • Council and water rates.

  • Mortgage insurance, this may or may not be applicable depending on the funding source and their requirements.

  • Home and contents insurance expenses generally you will want to be fully covered for fire, damages and theft.

  • Moving expenses this covers the removal fees.

  • Disconnection and re-connection of utility services this includes telephone, electricity, gas and internet connections.

  • Strata levies when moving into a strata unit these are quarterly assessments for property maintenance and leisure services.

There are concessions available for First Home Buyers on some of the above. A $14,000 grant is offered through the State Government to counter the effects of the GST on home purchases. Plus there are concessions for stamp duty.

If you have a real estate question or need phone me Noel Thompson Principal Professionals Logan Lifestyles on 04185 517 525 or call into our friendly offices at Browns Plains & Waterford for immediate assistance.

http://www.llr.com.au

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