The Hidden Costs in Buying a Home
While deposits and stamp duty are the widely known costs, there are other elements which aren’t as well recognised which can result in sometimes being missed in the overall budget. Here are some additional fees which should be included in your budget to ensure you are not blindsided down the track.
- Refinancing fees for your mortgage
- Pre-inspection costs
- Legal fees
- Pest & building inspection
- Loan application or establishment fees
- Mortgage insurance
- Bank valuation fee
- Title insurance
- Registration of title
- Council & water rates
- Strata fees if you’re moving from a house into a unit or apartment
Factoring these costs in upfront will help you reach a true and accurate figure in terms of what you can genuinely afford to spend without breaking the bank and still being able to maintain your lifestyle.
One of the first steps to being “purchase ready” is the knowledge that you’re in the right position financially to move forward. Our experience has been that many of our clients have received inaccurate and overinflated figures in terms of their borrowing power by banks. This is a costly exercise, both financially and emotionally, and to avoid this situation going forward, we have, in an industry first, set up the S&L Financial Logic advisory firm, so we can work with our clients to provide them with honest and accurate information to assist them in making informed decisions about the home they’d like to purchase without breaking their budget. S&L Financial Logic is powered by Paragon Wealth Solution P/L which holds AFSL 478700.
The team, headed by Stephen Catterall, work independently and are not affiliated with any financial institutions or insurance companies. All the work they do is with you, their client, at front of mind. They understand and appreciate that each client is different and has a unique situation and as such will tailor their advice to suit you specifically.
Contact Stephen Catterall and his team to find out how they can help purchase your dream home while remaining within your budget.