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Lizzie_2
Member
@lizzie_2
Join Date: 2003
Post Count: 20
June 21, 2003 - 12:36 am
Hi All,
There are a couple of things I am having trouble finding figures for to complete the DD PATTERN forms.
Finding out rates, stamp duty and geting insurance quotes has been fairly straight forward, however I’m stuck on where/how to find out the following for a specific properties:
– Land Tax
– Utility Rates & fees
– Letting & Advertising fees
– Legal fees
Also, there are some things that I am figuring are kind of generic, such as:
– Building Inspection $300
– Valuation fee $250
– Mortgage Insurance (if >80%) $400
– Annual repairs allowance 5%
– Intitial repairs (a certain percentage again?)
Is this a correct assumption?
I am hoping this is not sounding too stupid or confusing. Can someone offer me some feedback on this? I don’t want to get too bogged down with this and have it hold up the actual purchasing part of the deals.
Perhaps Brent/Steve could give me a bit of a hand with this.
Thank you in advance.
Lizzie
AD
Participant
@ad
Join Date: 2002
Post Count: 636
June 21, 2003 - 12:49 am
Hey Lizzie,
Your number guessing in the second half of your question is farily accurate. As to rates call the council of a Real Estate agent to ask what rates are like in the area you are looking at. Some areas have water rates etc on top of the council rates.
As to letting fees, advertising, usually the agent charges 1 weeks rent to tenant the property nd around $10/week advertising.
Legal Fees again depend on where you are and who you use. My buys cost me around $800-$1000 in legals and searches. I could get cheaper but the solicitor I use is good at getting me further discounts prior to settlement.
Things like intial repairs are very subjective. Check this out with tradesman or the building Inspector to get a rough idea. Factor these costs in when you buy and make sure you are happy with the numbers.
Hope this Helps
Enjoy
AD [:0)]
(Andrew)
“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
June 21, 2003 - 1:37 am
Two things:
1. Land tax – go to the State Revenue Office website for more information e.g. http://www.sro.vic.gov.au.
2. Mortgage insurance – can range between 1% to 2.5% of the loan value depending on LVR (e.g. above 1% if LVR is 85%, about 2.0%/2.5% if LVR is 95%).
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.au
Lizzie_2
Member
@lizzie_2
Join Date: 2003
Post Count: 20
June 21, 2003 - 2:12 am
Thank you guys. That info has really helped.
I guess it really pays to round up when number crunching so you can be aware of the worst-case-scenario.
Thanks again.
Lizzie
AD
Participant
@ad
Join Date: 2002
Post Count: 636
June 21, 2003 - 4:44 am
Keep on asking those questions Lizzie. Remember there are no silly questions. People like Stu are a valuable resource to utilise.
Enjoy
AD [:0)]
(Andrew)
“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”