While it would be nice to just buy the property and then get started, unfortunately, that’s just not the case.
Like anything, there’s always fees and expenses involved.
Some, most or all of these typical costs will apply to you and depending on your project, there most likely will be even more to come.
Transaction costs
Agent fees – If using a buyers agent
Transfer duty
Loan application fees
Conveyancing / solicitor fees
Building, Pest and Strata reports
Removalists and cleaning
Pop up fees
Ongoing costs
Council fees
Strata fees
Insurances
Utilities and household expenses – Water, electricity, gas, phone and internet connections
Holding and project costs
All vary from site to site and the scale and complexity of the project or development you’re undertaking.
Taxes, rates and interest charged
Development application fees
Drafting and design fees
Lawyer fees
Tradespeople charges
Specialist fees
Strategical fees
Management fees
Marketing fees
Advisory fees
Renovating and development costs
Variations and contingencies
That’s a lot of fees right?
That’s why it’s so important to go over the feasibility of every site with a fine tooth comb that you’re seriously considering looking to purchase.
Not only will it save you a lot of time, effort, energy and money up front, but it will make all the difference when choosing a site and assessing the profitably when the project is complete.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
