In this article we look at what costs you are likely to incur when buying and selling property.
When you buy or sell property in Victoria, there are an assortment of fees, taxes and charges you are required to pay on top of your deposit, you may hear your lawyer or conveyancer, agent or broker refer to these fees as ‘costs’ for example: “You’ll need a deposit of 20% plus costs.” We’ve put together a comprehensive list of these costs to take into consideration when buying and selling property.
Selling costs can include (but are not exhaustively limited to):
- Loan payout (whatever is outstanding on your home loan)
- Real Estate Agent Commission
- Marketing & advertising fees
- Auction fees
- Styling or dressing costs
- Discharge of mortgage fee
- Bank discharge fee
- Legal fees
- Removalist fees
- Settling costs
Buying cost can include (but again, this is inclusive of, but not limited to):
- Deposit
- Stamp duty
- Loan application /Bank fee/s
- Valuation fee
- Lenders Mortgage Insurance (LMI)
- Mortgage registration fee
- Transfer fee
- Title search fee
- Legal/Conveyancing fee
- Building inspection
- Pest inspection
- Council rates
- House and contents insurance premium
It’s a good idea to have a think about these sorts of things upfront, particularly if this is your first home. We do not want you to find yourselves in a rude awakening when you have been working hard to save our deposit only to discover it’s not going to stretch quite as far as you thought when you calculate the “plus costs” portion. Keen to see what your costs might look like?