Purchase costs on a small block of land?

[Radnick]

I am looking into buying a small block of vacant land for between $30,000 and $60,000 in NSW. I was just wondering if anyone could tell me what the costs (stamp duty, conveyancing etc) would be on this and whether a purchase at this price is worth it? I would be buying the property out of my savings (i.e. not making a loan)

Many thanks.

[RPI]

Look at the office of state revenue website, they'll have a calculator. IN QLD stamp would be 500-$1500. It's land that increases in value (generally) not the house.

Darryl

[Radnick]

Originally posted by RPI
Look at the office of state revenue website, they'll have a calculator. IN QLD stamp would be 500-$1500. It's land that increases in value (generally) not the house.


Thanks but what about conveyancing costs? Are they fixed no matter what the price of the land? Any way of getting out of this cheaply given the low price of the land?

[beech]

I think it was Aussie home loans that had calculators with everything included.(conveyancers etc)

look for website and have a look .

Darren

[geoffw]

Originally posted by Radnick
I am looking into buying a small block of vacant land for between $30,000 and $60,000 in NSW. I was just wondering if anyone could tell me what the costs (stamp duty, conveyancing etc) would be on this and whether a purchase at this price is worth it? I would be buying the property out of my savings (i.e. not making a loan)

Many thanks. Is it worth it?

I'd be very careful about buying land for speculation. It can be a very big gamble. Unless you're really sure that it will be a winner. (My grandfather funded his entire retirement out of well chosen land on the outskirts of a growing town, so it can be worth while).

But, unless you can see a future in it, or derive an income, I'd suggest that you could be doing better by using the same money to borrow to buy income producing property. You're probably rather more likely to get growth that way than by buting non-producing (income wise) land.

[RPI]

Do an internet search. Some conveyancing firsm will transfer for $275.

Darryl