Hidden costs of buying and selling real estate

Do you have a clear idea of the costs that are involved in buying or selling a home?

Stamp duty, legal and conveyancing fees and building/pest inspections might be the obvious costs to consider when you purchase a property – but don’t forget the many other expenses such as legal and conveyancing fees, which can be upward of several thousand dollars that you will have to factor in.

If you are selling a property, stamp duty in Victoria can be up to 6 per cent of the dutiable value of the property however the costs will vary from state to state within Australia.  Then there will be the fees of several hundred dollars and upwards that an agent will charge for an auction and approximately 2 per cent commission on the sale price.

In selling your investment property, consider the cost of Capital gains tax, the cost of preparing your property for sale, repairs before sale, and cleaning during the campaign, storage of your possessions, cost of staging your property, among other things. If your property is tenanted, it may be necessary to discount the rent for the inconvenience to them of the openings for inspection.

Hidden costs

  • Stamp duty
  • Building and pest inspection
  • Town planning advice
  • Agent and auctioneer fees
  • Capital gains tax
  • Rental discount
  • Repairs and maintenance
  • Temporary accommodation costs
  • Legal and conveyancing fees
  • Staging of property costs
  • Storage of contents

For further information about buying or selling a home or investment property, applying for a loan for a home, car, business, equipment or financial planning advice or please have a chat to Peter on 0414 583 233 or send him an email to peter.dall@mortgagechoice.com.au

 

 

 

 

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