Hi can anyone help me, I am still kinda new to this. I have found 6 three bedroom units for sale at $480k, and with long term rental contracts of $130pw. i know that the rates are $1500 per unit but that includes all water and sewerage costs. What i dont know is what the closing costs are likely to be for stamp duty, solicitors etc.. The property is n Tasmania and I know that they have a weird different sytem down there. Can anyone help?
P.S each unit is on a seperate title I don’t know if this is good or bad or indiferent
cheers[biggrin]As a rough guide work on 5% for closing costs.
Separate titles is good as it provides you with the option down the track to sell them off individually if you so desire.
Good luck.
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hiyya.
I concur on the 5% closing costs. It can be a shade less than that but 5% is a good guide and won’t leave you with a massive hole in your budget come exchange.
There are a couple calculators floating around the ‘net to help you roughly work out closing costs. Take a look at this one for Stamp Duty and Fees: http://moneymanager.smh.com.au/tools/calculators/stampduty.html
Don’t forget you’ve got Conveyancing fes on top of that (figure up to $2000). Though you can get cheaper I advise you to make sure that the fee quoted is ALL INCLUSIVE and doesn’t omit disbursments, GST and the like.
Oh, and you’ll need insurance AT EXCHANGE to cover yourself.
Good luck!
Art
‘Great spirits have always encountered violent opposition from mediocre minds.’ – Albert Einstein
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