Having a Little Bit Extra
You may have done all your research and been prepared for all the major hidden extras, but you should always set aside a little bit extra for those expenses you are not expecting. Expenses like moving fees, utility connections, mail redirection etc.
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Everything Adds Up
It is really important to consider all the extra costs that can / will apply to your property purchase otherwise the settlement time can be extremely stressful.
As a general rule if you factor in an additional 5-7% of the purchase price, on top of your deposit it should be approximately enough to help you cover the hidden extras.
Building, Pest and Strata
Having a building and pest inspection carried out on any property is usually a requirement by the lender but they are well worth investing in regardless.
If you are considering purchasing a unit or apartment, it is also in your best interest to have a strata inspection conducted – that is a report on the assets, liabilities and financial position of the apartment complex. Tree trimming and removal
While having a building, pest or strata inspection completed on the potential property will cost you initially, it could be an invaluable safeguarding against buying a lemon.
Valuation
Every lender requires a valuation of a property before they are willing to lend, this is to ensure that the property is worth the asking price. A standard valuation generally costs between $300 to $500.
Loan Fees
There are a number of fees associated with taking out a home loan so it’s critical that you get a clear picture of what you’re facing before you sign.
Loan establishment fees can range from zero to $1000 so make sure you check with your lending specialist.