Tuesday, April 14, 2009


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


  • 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 encumbrances.
  • Building & pest inspections: Necessary inspections to identify all potential defects in the building(s) involved as well as in the invironment 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 & contents insurance expenses: Generally you will want to be fully covered for fire, damages and theft.
  • Moving expenses: This covers the removalist fees.
  • Disconnection & re-connection of utility services: This includes telephone, electricity, gas & 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 throught state governments to counter the effects of the GST on home purchases. Plus, there concessions for stamp duty.

If you have a question about real estate or would like assistance in locating a property feel free to phone me.

Noel Thompson, Principal, Professionals Logan Lifestyles

Waterford: PH 3299 7733 Browns Plains: PH 3800 4000 Springwood: PH 3808 5544


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