Costs to Consider When Developing Property
Embarking on a new property investment venture can be both exciting and challenging. On the one hand you are creating something fresh and innovative, while on the other you are sailing unchartered waters.
One of the most important things to remember when taking on such a project is to stay on top of your finances, because once you have vested interest in a new building, emotions have the potential to take over practical decisions.
Having a chat with your financial advisor can help you determine a budget and prepare you for things to come.
Some of the costs you can expect to be faced with include land and building acquisition fees, as well as construction or refurbishment charges.
Stamp duty is a common expense due upon transaction and varies throughout the states and territories of Australia.
Legal agents and professional servicemen - such as architects, engineers and surveyors - will accrue fees and charges, as will interest and finance loans.
It will also cost you to market and sell your property once it has been completed.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.