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The costs associated with buying property

30 Mar 2018 Professionals The Wright Team 0 Comment

The costs associated with buying property

Buying an apartment or home is not just about the final price when you sign your contract. There are various fees and costs associated with purchasing property.

Mortgage insurance

Unless you have at least 20% of your deposit, most lenders will require you to pay for additional mortgage insurance. This cost is dependent on the size of your deposit, so the less deposit you have, the more you have to pay in mortgage insurance. Keep this in mind if you have a low deposit – it is still possible for you to purchase a home, but you will have to pay more for your mortgage insurance.

Loan fees

Many things do not come free when you buy a home! When you take out a home loan you will also have to pay to set the loan up. The application fees for loans are usually around $500-600 depending on your bank or lender. Ask your lender if they can waive this fee, as they can in some circumstances.

Legal and conveyancing fees

There is a lot you can do yourself when you buy a home but we recommend you use a conveyancer or solicitor to prepare and organise all the documents for your contract of sale. Not only will they help with the paperwork, they are great to give advice if you need. It really depends on how you have structured the ownership of your future property but you can expect to pay around $1800-$2000 for your fees.

Stamp Duty costs

It is an essential cost to purchasing property and can often cost tens of thousands of dollars depending on the state you live in and the price of your home. There are many stamp duty calculators you can source online which will give you an estimate on how much you will have to budget.

If you are a first homebuyer, you may be eligible for various concessions depending on the price of your home and what state you are located in.

Visit the State Revenue Office website for more information and to utilise their online calculators.

Inspections: Building and Pest

If you are buying an older home or apartment, you may want to take out a building and pest inspection before you sign on the dotted line. An inspector will be able to assess if the property has any hidden damage to the structure or pests such as termites that may add unforeseen costs when you move in. You would expect to pay around $500-600 for your inspections. Many first homebuyers don’t want to have to fork this out, but it’s important you know what you are buying especially as it is such a huge purchase.

Professionals The Wright Team is located in the heart of Balga & services the entire region with a specific focus on suburbs including Balga, Mirrabooka, Koondoola, Girrawheen, and Westminster.

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