For most people, the transition from a carefree teenager to an adult is often just a snap. At that moment, you realize that what is important to you is no longer the one you used to, and your friends will not do the childish things you’ve done before.

You are no longer the kid who is sitting at a children’s table waiting for a delicious meal every Christmas day, and you will not count coins one by one, just to buy a drink in the bar. You start your own Christmas dinner and start discussing with your friends which house to buy.

Buying a house can be a complicated process and you need to digest a lot of information and understand many terms. Fortunately, you can learn a little related knowledge, with the relevant knowledge, the process of buying a house does not seem so awesome fear feet, and soon you can buy a house boldly.

This article summarizes a pragmatic real estate market novice guide. This article outlines all the first things you need to buy a home, whether you’re looking to buy a house or investing in a property for rent.

A metropolis or the outer suburbs

“For a living, surrounded by eucalyptus, there are many …” No, wait, or would you like to stay for a while, near the 86 tram stop? ” , The lot you choose to buy will have an impact on the price of the home.

If you intend to buy a house, may wish to consider what exactly you want the way of life. Would you like to travel to and from the city everyday? Or are you willing to spend more to enjoy the luxury of walking to work?

2 期房 or existing homes

Futures and existing homes is difficult to choose between, because either 期房 or existing homes, all have their own advantages.

Buying an apartment or villa in the form of a 期房 means that the apartment or villa is not yet a visible object. It is a blueprint. On the contrary, the purchase of existing homes means that it is a tangible house. You can knock on the wall and view every corner.

“One of the big benefits of buying a 期房 is that you have more time to get things organized; you pay a deposit, but you need to pay the balance in full when the house is completed.

However, there is a certain risk in choosing a room – for example, the project went bankrupt before it was completed. Of course, this is not the case, but you still have to make a thorough investigation of the project before paying the down payment.

Buying existing homes means you or your tenants can move in right away. Of course, the earlier built houses usually require repairs and maintenance, which can increase your costs in the long run.

Do not rush to make a decision, take the time to weigh the pros and cons of each situation, to make the most suitable choice, both in line with their financial situation, but also to meet your criteria for the election.

3 investment or self-occupation

The purchase of investment housing is not the existing housing and real estate investment all over the country’s rich monopoly patents. Buying real estate for investment at affordable prices is a great way to enter the real estate market.

You can buy a house in an affordable lot, rent out the house, rent another house for yourself. Known as “rentvesting,” this strategy is gaining in popularity among young people in their twenties and thirties.

Even so, for many, the reason they want to buy a home is because they want to live in a house they can call “their own”, with no landlord or lease. If that’s the case, you may be entitled to the First Home Owner Grant treatment to offset the loan costs.

The first purchase subsidy policy was introduced around 2000, and the government introduced this policy to offset the GST of own-owned housing. In most of the states, the first home purchase subsidy standards have shifted to newly renovated homes and newly built homes in most states, which means you may not get the first home purchase allowance if you’re buying second-hand homes.

First-home buyers’ subsidies vary across states, and individuals eligible for the state’s claim receive the first home purchase allowance, so be sure to read the state’s policy rules when buying a home in which state.

If you qualify for the First Home Purchase Allowance, you can submit your first home purchase subsidy application through your bank or financial institution prior to your loan, or submit your own application after the deal is completed.

4 only interest rates or principal plus interest rates

There are two main ways to repay a home loan: one is interest only; the other is repayment of principal plus interest.

You only need to repay the interest rate – you’re guessing it – repay the interest part of the loan, but you do not have to pay the principal amount of the loan. The interest on the repayment method is higher, but because you do not need to pay the principal, Repayment is relatively low. You can only use the repayment of interest rates for a fixed period of time, usually about five years. After five years, you need to repay the principal and interest.

Reimbursement of principal and interest repayment means you have to pay interest rates, but also to repay the principal of bank loans. You need to pay a lot more than just paying interest, but your net worth is also increasing. You will own your home sooner. Both methods of repayment have their own advantages and disadvantages.

5 tax

These are all big tax payables which, if not prepared in advance, can be tax deductible from your savings account. Because there are additional taxes and fees to pay later, so you have to consciously set aside a little money to pay the following three kinds of large taxes:

Capital gains tax (referred to as CGT)

In short, the capital gains tax is the taxable part of the profit you get from selling your asset. Interestingly, in the field of real estate, your main home – your own home in which you live – does not need to pay a capital gains tax, However, idle land, investment rented rooms, and recreational farms are subject to capital gains tax.

Goods and Services Tax (GST)

GST may not be a stranger to you, as GST is almost ubiquitous in our lives. Therefore, it is not surprising that the GST should be levied on the purchase of new properties or land.

Read the contract early to see if you have to pay GST for your house or land – each state has different GST levies and tax rules vary for individuals in different situations.

If you are not sure, be sure to ask your real estate agent; Alternatively, you can use the IRS’s GST property tool to gain more useful information to help make decisions.

Property tax

You do not have to pay a land tax if you own your own home and you may need to pay a land tax if you own an investment home on one piece of land. Real estate (villas or apartments) land, industrial buildings, garages and commercial real estate.

Each state’s policy details are different, so be sure to read the state’s website for the state you want to buy to see if your home purchases meet the state’s standards. You will need to submit your land tax tax filing by March 31 of each fiscal year, when the local government will contact you to advise you of the amount of the land tax to be paid.

6 negative tax policy

The negative tax policy is a tax deduction for the investor of an investment real estate. In short, if your investment income – that is, the rent your tenant pays you – is less than what you use to repay your loan and maintain your house , Then you are eligible for tax deductions and pay taxes at a lower personal tax level.

 

7One-time government charges

In Australia, there are several other costs that you have to pay in advance to buy a home. You need to pay stamp duty, which is another form of tax levied on property buyers in all states and territories in Australia.

Again, the exact amount you need to pay depends on which location you bought what kind of house. You need to pay the stamp duty in full. Specific tax time Each state has its own rules, depending on which state you buy a house.

You also have to pay the registration fee for the ownership of the land, which is the cost of an official registration of the ownership of the individual land, depending on the state and territory. Are you planning to buy a home in New South Wales or Victoria? First time homebuyers can enjoy stamp duty relief on buying a home in both states.

8 property transfer fee

“Transfer of property rights fee” is actually a general term for all kinds of legal fees related to buying a house. Although you can handle all of these legal proceedings yourself, most people still prefer to hire a transferor or solicitor because those cumbersome clauses can still be a headache. The transferor or lawyer reviews the contract for you, drafts the land transfer agreement (if you need it), and transfers ownership of the real property to you.

9 house inspection

At the moment, although you may have felt the purse bleeding, but still can not mean, the money spent or spend, agreed to buy a house before the time to the inspection room. In house inspections, you can not only discover any structural flaws in the home, but also budget for future maintenance costs based on the home’s condition and see if there are unsafe corners in the home, which can prevent immediate check-in.

10 Do not forget to pay property management fees

If the apartment you are looking for is located in a residential complex or an apartment complex in an apartment complex, you may well have to pay “body corporate fees” on a quarterly basis, in addition to the municipal fee.

Some people call property management fees “strata fees,” and the two are actually the same thing. This different name could be puzzling at first, but it’s much easier to figure out what’s going on.

Property management fees vary according to the location of the purchase, but usually include maintenance and maintenance of communal areas such as swimming pools and gyms, as well as maintenance and repair of public areas such as community gardens and car parks. Of course, also include housing insurance.

Take a closer look at property management fees in the area where you plan to buy a home, so you know ahead of time if you need to pay for the property for a high-end configuration such as an elevator or 24-hour guard.

This is all you need to pay for the new home purchase. Once you understand what you need to pay, you can better budget and spend your money so you do not have to be overwhelmed by the cumbersome terms of the agreement and live the life you want most in a new home.