Rates,taxes Buying & Ongoing

[LtCol]

Please do not tell me to search as it has been posted before , as I have been searching , diligently & all the posts are about the Cost of SELLING.

What is the cost of BUYING & what sort of on going costs are related to Taxes, Rates etc. I have found plenty re upkeep , water , Air Con , electricity , but , what else is there??

Thank you for sensible advice !

[LennyW]

The cost of buying and selling are generally shared between the buyer and seller 50/50. Right now and until 28 march 2009 there is a significant decrease in these taxes.

The land transfer tax has been reduced to 0.01%, and 0.5% stamp duty, and if the vendor has held the land for less than 5 years then 0.11% business tax. Prior to this reduction it was 2%,0.5% and 3.3% respectively - so as you can see a significant difference.

As far as ongoing "Rates" - None!!

If you purchase the property via the company route taxes are due annually, however, if there is no activity in the company (ie: you dont sell the house or declare a rental income from it) then no taxes are payable!

For 100% accuracy on all these issues, go to the real estate forum and PM a very knowledgable chap by the name of Quicksilva, man is he on the ball!!