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.