Wouldn't it be nice if the only amount of money you needed to outlay when purchasing a home was the actual cost of the house.
Unfortunately, this isn't the case so let me break down some extra costs associated with purchasing a home in Queensland.
1. Solicitor/Conveyancer Fees
When you purchase a property you will need to engage a Solicitor/Conveyancer.
The cost can vary depending on who you choose and what their inclusions are however, approximate costs are between $800-$1,300.
Approx. $800 - $1,300
2. Pest and Building Inspection
You will likely want to do a pest and building inspection when purchasing.
Inspection costs typically range between $400 - $800 depending on who you choose and the size of the property.
Approx. $400 - $800
3. Stamp Duty
Stamp duty is calculated based on the house cost so this cost can vary. If you're a first home buyer in QLD, there is a transfer/stamp duty concession for eligible first buyers purchasing a home valued at less than $550k.
Stamp duty is waived on homes worth less than $500k, while concessional rates apply to those valued $500-550k.
Use the free stamp duty calculator here
4. Property Management Fees
If you're purchasing a home as an Investor you will have additional costs associated with the management of your property.
It's good to know what approximate costs of the fees etc. will be prior to purchasing the property so you can prepare.
Every agency will have different costs so reach out to a few and get some quotes.
5. Repairs
Unless you're buying a home you had the intention of renovating it's easy to forget that you will likely need to do a few minor repairs within the first year.
It's a good idea to have a little bit of money aside just in case repairs are required.
Approx. $1,000
6. Body Corp
If you are purchasing a property under a Body Corp or Strata Title, there will be additional fees associated which vary from complex to complex.
Approx. - $1,500 - $3,500 annually.
7. Mortgage Registration Fee
This is payable at settlement so the lending institution can register their mortgage over the property – it is currently set at $208.83 in Queensland.
Cost $208.83
