Today we are breaking down the cost of living in a $1,000,000 townhouse here in Blackburn North
In todays i really want to show you guys the numbers of not only what it costs to own a property like this but also what it costs to actually buy it in the first place. How much deposit would you need. How much would you mortgage repayments be. and in general what are the costs of keeping it.
Link: www.realestate.com.au/propert...
The median price for a home in Blackburn North for Units and Townhouses is currently $950,000 but given this property is new, you can understand why this home is priced from $950,000 to $1,045,000
The first cost that you are going to have when buying a property like this is council rates. The council calculates the total value of the rates which you will pay, based on their assessed value of your property. Simply put the more expensive your property the more you will pay in rates.
For this property the rates are x
The third cost on our list is insurance. We got three quote for insurance from different providers with an average cost of $905 to insurer the property.
Ok lets talk mortgages. If we assume whoever buys this property is borrowing 80% maximum that would mean a loan amount of $800,000. At an interest rate of 2.7% which is a standard interest rate for an owner occupied home at the moment. Also factoring in principle and interest repayments the monthly repayment amount would be $3,243. Keep in mind though if you are borrowing less than 80% your repayments would be less.
Ok lets talk purchase costs. Lets assume you are going to need at least a 20% deposit so thats $200,000
The stamp duty payable on a $1,000,000 property in Victoria Australia is 55,000
Then you have a government transfer fee of around $2,679
Legal fees of approximately $1,000
Making the total cost to actually buy the property $258,679
Technically some banks do loan up to as much as 95% of the value of the house so it is true that you could purchase this property with a lot less than $258,679. In fact if you did borrow 95% you would only need approximately $159,388 to purchase the home.
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