Although some homeowners now don`t care about the price, for some ordinary buyers, if the total amount paid at the time of the final payment exceeded the budget by nearly one hundred thousand yuan, this is a big loss!
So how do you avoid this extra charge, the head of Advantage Property Consulting, a real estate consulting firm, to tell you this?
Expanded budget amount
Buyers can easily underestimate the cost of buying and moving, not just the transaction costs of real estate, but many other costs that cannot be counted on loans.
So when we do the budget, we all have to calculate the budget a little more. Other miscellaneous expenses have a budget of about 11 percent of the transaction price, such as a $1 million property, with an additional cost of A $ one hundred and ten thousand.
Pay attention to stamp duty
Stamp duty is the biggest extra cost, about 5% of the purchase price, or tens of thousands of yuan. It depends on the price and identity of your state and house.
In Victoria, for example, homeowners will be exempted from stamp duty if they buy six hundred thousand yuan or less, 60- seven hundred and fifty thousand yuan will be exempted from stamp duty, new homes will be purchased or subvented in less developed areas.
Lender`s mortgage insurance
Mortgage insurance charges for lenders depend on total loans, typically between 1 and 3 percent of total loans, so they can reach thousands or tens of thousands of Australian dollars. If the buyer`s down payment is less than 20% of the total mortgage, the lender`s mortgage insurance is usually required.
Buyers who have enough money can avoid paying, but in most cases they don`t save as quickly as house prices rise, when they need to buy building and property insurance.
Consideration of legal costs
The average legal fee or transfer fee is between 1500 and 2000 yuan. Property search or required property specifications are also costly, and lawyers can help buyers better understand contracts and pre-emptive terms.
Banking and lending
Mortgage and handling fees from banks are expensive, with a loan application fee likely to be 600 yuan or more. Other potential costs include assessment, transfer lawyer attendance fees, and bank mortgage insurance assessment fees
[经] miscellaneous expenses
If you`re buying an old house, it`s important to have a pest check, or it`s even more troublesome to find a bug when you live in it. It`s also important to know about property costs, and even buyers may have to pay land taxes and excise taxes, which need to be taken into account in the budget.
Therefore, buyers are advised to make a complete budget price table before buying a house, or to use online computing tools to sort out the taxes that need to be paid.
