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.
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.
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.
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.