Save stamp duty JUST BY CHOOSING TO BUILD.
At Build In Warrnambool you’ll often hear us talking about Stamp Duty. That’s because it’s possibly the single biggest saving you’ll make by choosing to build.
Few people purchasing an existing home are prepared for the shock that comes when they discover how much they have to pay in Stamp Duty, on top of the purchase price. But when you choose to build you don’t pay Stamp Duty on the house you build. You only pay it on the land, ultimately saving you thousands of dollars.
So what is stamp duty?
Stamp Duty is a term used for Land Transfer Duty. Put simply, it’s a type of tax that you pay to have a property transferred into your name. The amount you’ll pay is calculated on the value or purchase price of the property. Circumstances also affect how much you’ll pay such as whether your buying to live in yourself or for investment, as well as whether or not you’re a first home owner, pensioner etc.
Remember, Stamp duty is an additional cost, on top of the purchase price.
When you build a new home you don’t pay Stamp Duty on the house as no transfer is taking place. You only pay stamp duty on the block of land you buy and this is where the big saving is!
To learn more about how much you can save in stamp duty just by choosing to build visit https://buildinoz.com.au/how-to-avoid-paying-stamp-duty/