For most, buying a home is the exciting culmination of years of planning, saving and searching for the perfect spot. The team at Dacland has put together a list of hidden expenses to look out for, so that you can enjoy the process without the stress!
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1. Conveyancing and legal fees: It’s important to consult the experts when purchasing a home, but this advice comes at a cost. Get some quotes early on so you have an idea of how much you’ll need later.
2. Stamp duty: Stamp duty is a big expense but fortunately the Victorian government offers a variety of concessions that may be used to reduce the burden.
3. Pest and building inspections: It might not feel like an immediate priority, but having a home inspected early on can save a huge amount of money in the long run.
4. Mortgage registration and transfer fees: When you sign on the dotted line and a house becomes your home, you will need to formalise the transfer. Make sure you’re aware of the costs you will incur through the transfer and mortgage registration fees.
5. Loan application or establishment fee: Set-up fees are incurred when establishing a loan. Some lenders will waive the fee, but it’s important to make sure you have the budget available.
6. Mortgage insurance: If you’re putting up a deposit that’s less than 20% of the purchase price, you will likely have to pay for mortgage insurance. The larger the deposit, the smaller the fee.
7. Council and utility rates: Sellers will generally have paid council and utility fees on a quarterly basis. When you purchase a home, your