Say I buy some land for $250,000. I imagine stamp duty to be around $5,000.
I am not sure why you are "imagining" stamp duty. Stamp duty varies from state to state. Look it up for your state and no need to "imagine" anything. For example: google "stamp duty"+victoria That'll take you to the website with the stamp duty figures for Victoria. If you live somewhere else, google their site.
As for "additional costs": That's a case of how long is a piece of string. Do a search for threads on "budget" and "pre-start". As a very general rule of thumb, allow an extra 10-20% of the house base price.
Bator,
To give a rough idea:
Land:
Conveyancer - $500-$100 (depending upon if you use a solicitor)
Stamp Duty, Land transfer etc. - Google as suggested (In Vic on $220k land approx 8k, refer website
http://www.sro.vic.gov.au)
Mortgage App fees - Varies from $0 - $1000ish
Soil test on block (done prior to purchase if you choose so you know what you are buying, research site costs here if you need more info on why you should) - not sure, maybe $500-$1000
Upfront deposit required from developer on contract signing - Varies from say 1%-5%
There are also minor charges adjusting rates, water service charges etc. (conveyancer tell you this, done at land settlement)
Others which I am not aware of.....
House:
Base cost
Site costs
Solicitor to look over the contract if you choose
Estate Covernants (your estate might need higher ceilings in the house, certain facade, eaves.. etc)
5 Star energy rating requirements
Theres bush fire assessments in some areas
Upgrades
Upfront deposit required by builder
Again, others I am not aware or have forgotten
Depending upon if you have a house and land package you may also need to find dollars for fencing/driveways after handover
The list really does go on and on...
im not a FHO, so dont know where the grant comes.
For land / base house = $475k, realisticily, you will need at least $500k, prob a lot more.
Hopefully this is enough to get you started so you know what to look for and think about.
Just to add to what the others have said,
I'm not sure what area you live in but in New South Wales there are no land stamp duty charges for first home buyers.
Say I buy some land for $250,000. I imagine stamp duty to be around $5,000.
I am not sure why you are "imagining" stamp duty. Stamp duty varies from state to state. Look it up for your state and no need to "imagine" anything. For example: google "stamp duty"+victoria That'll take you to the website with the stamp duty figures for Victoria. If you live somewhere else, google their site.
As for "additional costs": That's a case of how long is a piece of string. Do a search for threads on "budget" and "pre-start". As a very general rule of thumb, allow an extra 10-20% of the house base price.
Why do you have to make your post sound so rude? bator.h is a first time poster and this is not a very nice way to respond
When he/she said "I imagine" this also means "I would think that" or "I expect" but I
imagine that you already knew that
Bator.h - As mentioned in the above posts, there are quite a few other costs to factor in. Also, although you may try to find a very basic house with no additions or upgrades, this is very hard to do so you would need to budget at least $5-$10k extra for the house. Good luck.
Just to add to what the others have said,
I'm not sure what area you live in but in New South Wales there are no land stamp duty charges for first home buyers.
This is for FHB only and applies to land that cost less than $300000 that you are planning to build on.
Hi there !
Not sure if these items would be included in your package or not (weren't with ours)...
Fencing
Landscaping
Driveway
Clothes line
You've also got other bits and pieces too like Window coverings, flyscreens/security screens (if not included), whether you need a water tank or not (and whether it needs to be installed to plumbing - ours was approx $8000)...
Umm..... Electrical upgrades (ours was about $6000), whether you want ducted heating etc ....
Also check plans to see if Alfesco/Outdoor room is included too (if you want this option of course
as some builders don't include this....
Also good idea to keep some money aside to just incase you need rock excavation as well... also check your plans to see if you need a retaining wall at all (if your land is on a slope) so you would be looking at a few grand there too....
Thats all I can think of for now !
Good luck with everything !!
I did not find this, bator.h - we did a house/land package and in fact our land was very competitively priced, I would say at a discount price compared to similar blocks in same area on open market.
We had fixed footing costs.
The drawback with house/land packages is sometimes they are inflexible - ie builder offers x house on x block, no modifications etc allowed.
When we were first looking at buying we looked into a different house/land package with a different builder and could not change anything - no higher ceilings, no even moveing a door from one side of room to another
However the one we went with was extremely flexible - basically we could choose any of their house plans on any available block and then modify to suit - we did higher ceilings, moved a window, changed kitchen configuration etc and their draftsman also adjusted the chosen plan so it would fit on the block at no extra charge
The inclusions in house/land packages varies enormously too - ours included floor coverings, fencing, cement paths, driveway, clothelines for example and also airconditioning and front landscaping which we chose to remove and do ourselves (builder was accomodating about that too)
I think house/land packages can be very good value for money but do your research thoroughly first