Costs to Plan For When Buying a Property

When buying a property there are several other costs to consider apart from the purchase price. They may not all apply to your particular situation so don't panic. Just remember to budget for the extras that you do need, one of which will be Stamp Duty. There are not one, but two Stamp Duties to be paid when purchasing property. When the deeds of your property are transferred to your name you must pay the government what is called Transfer Duty. How much it is depends on the purchase price and what state you are in. The other is Mortgage Duty that is calculated on how much your loan is.

Most property buyers cannot do their own conveyancing, as this is such a specialised area. So you will need the services of a solicitor to draw up all those papers and make sure everything is legal. What may be an additional fee or fees is the cost of property searches.

The number and cost of these will vary depending on your locality, but they are usually $400-$500 each. They can include a search of the Contaminated Land Register; Main Roads and Electricity Search to make sure there are no plans for major roads or power lines to go through your property. Others may be Land Tax, Title and Council Rates Searches.

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