In July last year the Labor government slipped in a new "Ad-Valorem" tax on home buyers, as an un-heralded part of the state budget. The tax adds typically $1,000 to houses in our area and a lot of people don't even know about it until the bill comes in.
Now State Opposition Leader Barry O'Farrell has promised to scrap what he calls Labor's "sneaky" home buyers' tax. He predicts this will make an "almost immediate impact" on lowering house prices.
Property Council NSW executive director Glenn Byers said abolishing the tax will improve investors' perception of Sydney
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Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. A newly built house will require little more than some your possessions and furnishings, whereas older properties may require extensive work, such as re-flooring, tiling, roof repair or renewing the wiring. Make sure that you factor in all these likely expenses in addition to the purchase price.
ReplyDeletefirst time homebuyer