So what are the costs of purchasing a property?

Jane Slack-Smith

We often concentrate on just saving a deposit. Often at settlement buyers are surprised at the cost of all the other things - even worth they could hold up settlement whilst they get the extra funds.


These are the things I believe are the big ticket items you should consider:


1. Deposit obvioulsy - this ranges usually from a 20% deposit through to a 5% deposit (requiring mortgage insurance)


2. Stampduty


3. Lenders Fee including an Applicaton fee


4. Pest and Building Inspection


5. Strata/body corporate report


6. Pre-purchase renovation feasibility report


7. Government transfer and registration fees


8. Legal fees


Here is a kick 6 min video where I go into a bit more detail plus share how a $500 strata report saved me from buying a property that required a special levy per apartment of $100,000 within the next 6 months!


http://www.investorschoice.com.au/tools-...


 


For home owners there are a few extras that cost time and money or both:


- moving costs


- cleaning of old and new property


- disconnection and connection of services


- redirecting mail


- changing insurance with possibly different coverage costs


- changing licence


- finding a new pizza shop, this could take weeks alone!


Hope this serves you


Jane Slack-Smith