If you’ve ever tried to buy property before, you already know how confusing the cost computation process can be.
Much like any other big investment, what you see often isn’t what you get. There are lots of hidden fees that can pop out of nowhere when you try to buy property, so it’s best to keep yourself in the know about the possible expenses involved so you can come prepared.
At YNM, we want to make sure that you’re always in the know. Find out how much it really costs to buy a home in Australia with these finer details.
Pest and Building Inspection – Yes, this one’s on you and no, you can’t skip out on having this done. This is particularly important if you’re looking to buy second hand property that could have a few pests and vermin scurrying in places that you can’t readily see. Having your purchase checked for infestations and other minor damages will help you understand what you need to have resolved. The last thing you want is to be surprised by a suddenly broken pipe, a faulty furnace, or a health problem caused by poor pest control. This will cost you a few hundred dollars right off the bat as you should hire a professional service for this.
Document Preparation Fee/Legal Charges – This is the fee you will have to shell out to pay for the processing, approval, and preparation of your documents. This will all be done by your lender and of course, all of that computation and effort will come at a price. Don’t think that this is something you can do on your own – document preparation is a tedious task and you might not have the skills to do it. Besides, those papers need to come from your lender, so there’s really no escaping this.
Loan Application – Even the process of applying for a loan can and most probably will be charged. Your bank could require you to pay a few hundred dollars right off the bat before your loan application is even processed. This cost will cover the process of the bank’s personnel’s review of your application. Don’t worry, it’s a onetime payment. Just be sure you have the extra money on hand if and when you finally submit your forms.