When people are planning to buy a house, the first thing they think of is “do I have enough money for a deposit?”. But the expenses of buying a house don’t end there – in fact, there are many more costs people must know about in advance, so they would have a chance to save enough money.
Here’s a list that covers most of the house-buying expenses:
- Valuation – if you would like to know what’s the real value of the house you are buying
- Pest/termite, building, swimming pool inspections – to make sure that nothing is terribly wrong with your future home
- Buyer’s agent – if you choose to get help from professional that will look for a house and negotiate instead of you with the estate agents.
- Conveyancing - to transfer the property from previous owner to you
- Deposit – the heaviest expense
- Stamp duty – a tax you pay to the government. Find out how much you will pay using this stamp duty calculator
- Mortgage application fee
- Mortgage insurance – to cover the lender in case you can’t repay the loan
- Home and contents insurance – to cover your asset and possessions
- Moving expenses
- Utilities connection
Related posts:
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- Home owner’s expenses Many of us don’t know, forget or do not think...
- House-hunting expenses and how to minimize them (part 1) Not too long ago we have discussed various real-estate related...
- House-hunting expenses and how to minimize them (part 2) In addition to the expenses already listed here, there are...
- The smart way to pay stamp duty on a house - part 1 Stamp duty is a tax that you have to pay...
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[...] pool money together to put a deposit down, your borrowing capacity grows, you pay only a share of purchasing costs (building / pest inspection, legal fees, stamp duty), you can split the costs of owning (council [...]