Hidden fees when purchasing property

Hidden fees when purchasing property

When purchasing a property there are many other fees to consider, other than the actual price the property is selling for. It is important to make sure that you have enough money to cover all costs associated with the purchase. Saving your deposit for the property is the easy part. The more challenging part is making sure that you have enough money to pay for all the extra expenses. It’s important to remember that costs vary depending on your lending provider and also the state or territory that you are buying in.

Some of the costs that you should factor in when purchasing property include:

  • Legal fees
  • Stamp duty
  • Pest and building inspection
  • Loan application or establishment fee
  • Lenders mortgage insurance (LMI)
  • Document preparation fee/legal charges
  • Bank valuation fee
  • Title insurance
  • Registration of title
  • Council and water rates
  • Legal searches

 

The total of these fees can be more than $10,000, depending on the price of the property you are buying, so it’s important to factor extra costs into your budget. If you’re thinking of buying a property, have a look at the Ethan Property Sales section of the website to view our range of properties for sale.