Extra home buying costs to consider

Buying a home is an extremely rewarding, but sometimes stressful experience. To make sure you are embarking on this exciting journey with all the information you need, we’ve put together a list of extra costs that may be associated with buying your home.

Transfer duty Previously called stamp duty, transfer duty is a tax imposed by the State Government and is based on the purchase price of the property. This is usually paid before property settlement and is likely to be the biggest expense after the mortgage.
Land tax This is based on the total value of land, less any exemptions claimed, and is imposed by the State Government on the owners of freehold land in Queensland as at midnight on 30 June each year.
Legal costs and searches These include solicitor’s or conveyancer’s fees as well as title and government searches, which will incur additional costs on top of the conveyancing fees.

Building and pest inspections Recommended before the sale goes unconditional, building and pest inspections are important and costs for these should also be taken into account.
The extras Don’t forget to include costs for home insurance, removalists, and council and utilities rates for when you move into your new place.
With a little pre-planning, or a bit of additional saving, these extra costs shouldn’t come as too much of a surprise – making the home buying process a whole lot more enjoyable.

Posted in

First Home Buyer

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