Thursday, January 22, 2015

This is What Buying a House Looks LIke

Each time we tried to buy a house at auction we moved the necessary deposit money into our checking account from this account. The three attempts should be pretty clear on the chart - one in early 2013 and two in late 2014. Then finally we are actually buying a house, but not at auction. You can see the initial 10% deposit money coming out of the account (though the seller actually agreed to 5%) and then the rest of the 20% downpayment and the stamp duty tax - we have to pay a 3.7% tax to the state government to buy a house... The latter really slows people down from buying and selling houses and encourages people to extend, improve, or knock down and rebuild their existing house.

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