For first homebuyers in particular, it’s easy to overlook some of the associated costs of buying a property. While most people have heard of stamp duty, there are a number of other costs that need to be taken into account when purchasing a home.
Besides the unavoidable cost of stamp duty, buyers need to budget for many, if not all, of the following:
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- conveyancing and legal fees
- building and pest inspections
- mortgage registration fees
- building and contents insurance
- valuation fees
- loan establishment fees
- buyer’s agent / buyer’s advocate fee
This isn’t a comprehensive list and buyers should always set aside adequate time to thoroughly review their individual circumstances. Of course, don’t forget to factor in the cost of moving house!
A diligent buyer always plans well and looks at the details before purchasing. There are plenty of good resources available to assist you when budgeting for a property. As a starting point, check out the Planning to Buy a Property page on the website of Consumer Affairs Victoria.
This recent episode of Property Unpacked from Domain also outlines some of the common costs associated with buying property and is definitely worth a listen.
At Chamberlain Property Advocates, we work with our clients to smooth the process of buying a home, ensuring that they are well-informed about the associated costs when acquiring property.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Ask about our Home Buyer Search and Acquisition Service, where we do all of the legwork on your behalf to MAKE IT EASY to secure your new home.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
