What are the costs of buying a property?

There are many costs and expenses involved in any real estate transaction. It is important that you are aware of all these costs so that you can budget for them. It can be disastrous if you do not prepare for all possible expenditure.

Costs and expenses arise in various areas of the transaction. Some may not be obvious or may be unexpected.

This is an overview of the expenses you can generally expect in buying a property:

• Fees and charges payable for obtaining any loan (mortgage);
• Stamp duty;
• Registration fees (paid to the Lands Titles Office);
• Search costs;
• Rates and Taxes for the period that you will own the property;
• Conveyancing fees and minor costs; and
• The costs involved in moving.

There may be other expenses in specific transactions; always ask your conveyancer for details of anything which may arise in your particular purchase.

There are various websites that can assist you to calculate some of these costs.

Revenue NSW provide a summary of both the taxes and duties as well as the grants and concessions available.