If you’re looking to enter the property market for the first time then there are a range of things that you need to think about. You will need to consider what area you want to move to, how much room you need and where you’re going to put that cactus that you were given at the housewarming. Unfortunately, there are a few more prickly topics that you will have to address, and one of the biggest is taxes.
There are a range of expenses associated with buying a home. Some of them are paid upfront and others are paid over time. One of the biggest upfront costs you will be faced with is stamp duty, a tax involved in the purchase of your new home. So what exactly is stamp duty, how does it affect first home buyers and what can you do about it? Well we’re going to put it all on the table for you and explain everything you need to know about stamp duty.
All About Stamp Duty
Whether you’re buying your first home in Adelaide, Melbourne, Brisbane, or anywhere around the country, you will have to pay stamp duty. Stamp duty is imposed on a wide range of purchases, including property, and in the case of real estate it is paid by the purchaser either at a flat rate or based on the sale price. Believe it or not, the money that comes out of your pocket for stamp duty does contribute to wider society, but that doesn’t make it any more enjoyable.
Stamp Duty for First Home buyers
Breaking into the property market is difficult, especially for first home buyers, and the states considered this when formulating stamp duty. Every state has concessions in place for first home buyers, making it easier for you to get in the doors. The concessions differ from state to state so make sure you know your state’s rules when you’re counting the costs. In South Australia, for example, properties valued at less than $80,000 do not incur stamp duty tax for first home buyers. If you’re buying investment properties in some states your stamp duty will be much higher.
Find out what concessions you’re entitled to by contacting a conveyancer. Conveyancers are property experts who can help you with every step of your property purchase and make sure that you’re getting a good deal on all your expenses.
How Much Does Stamp Duty Cost?
With stamp duty regulated on a state-level and determined largely by either the market value of the property or the price paid, it’s not possible to give a single answer on what it will cost. The easiest way to find your stamp duty price is with a stamp duty calculator.
If you need help with the buying or selling of a property in Adelaide then the team at Conveyancing Centre can help you. Conveyancing Centre is Adelaide’s trusted team of conveyancers who can navigate all the legal elements of your purchase for you. From the price of your taxes to the details of your settlement, contact Conveyancing Centre to do the hard work for you or call 08 8374 4711 today.