Thinking About Buying a Property?
Buying a house and knowing how to identify any hidden costs.
Buying a House
When buying a house, the person selling the house is the vendor and you are the purchaser.
Before making an offer to buy a house you should:
- complete a title search for the property. (seek legal advice for this);
- speak to a financial institution like a bank to see how much money you are able to borrow;
- find out if there is any government support in forms of rebates with nationalized banks or tax breaks available especially if you are a first home-buyer;
- think about your future expenses and how much you can save once you own your own home; and
- find out what minimum deposit you need to purchase the property.
It is best to get a good overview of all the expenses prior to making a decision to put an offer in on a house. There are other expenses that you may need to pay when buying a house, for example:
- Government Stamp Duty , which is a tax for buying a house;
- Property agent fee
- loan application or establishment fees;
- mortgage costs and insurance;
- legal fees for title search and conveyancing;
- building inspection costs;
- moving costs; and
- any repairs or maintenance that the house may require.
There are ongoing expenses associated with owning your own that you should consider, for example:
- home and household items insurance;
- home utility costs including water, electricity and gas bills;
- maintenance costs; and
- local authority taxes.