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.
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