There is nothing more important than having a budget when you are planning to buy a property. It will help you in deciding whether you can afford to buy the property or not. As a first home buyer you may be thinking that on top of the purchase price, you only have to pay stamp duty and legal fees. But that’s just the top of the list. There are other additional costs that you need to include in your budget.
Stamp duty is the biggest cost that you need to budget for. Then you need to add legal fees, cost of inspection reports, government registration fees, loan establishment fees, lender’s mortgage insurance, insurance premium cost, rates and levies apportionment, moving cost.
I talk in detail about what all these fees mean and how they will apply to you so if this is a surprise to you then I invite you to listen to this episode. It will be time well spent.