What are the additional costs involved?

Lawyer Fees, Builders Reports & LIMs:

You need to take in to account the lawyers’ fees, builders report fees and the LIM report fees as well. When you have finalised the property to buy, you will need to sign sales and purchase agreement. So always make sure it’s seen by a professional lawyer for any loop holes involved. That will definitely add up to your budget but it will warn you for any legal issues involved.

Builders report will help you find out any issues about the property you are thinking of buying. There is a possibility that you can miss on something which will be a problematic issue in future and that can cost you hundreds of thousands of dollars and which could be a big headache.

LIM report is Land Information Memorandums report is one of the most important sources of information which will help you make your decision to purchase your property. Its always advisable to purchase LIM report before you finalise your purchase. LIM report is the most comprehensive report, which will tell you about the land the house, is built on. It will point out the problems such as drainages, flooding of any types or gradual sinking of any land etc. You can order LIM through your lawyer or through the local council.

Moving and Relocating Expenses:

There are certain expenses you need to keep money aside for while you are budgeting. Most importantly, the moving & relocating expenses are one of those costs incurred for relocating from your old house to your own dream house.

Secondly, if your house needs any renovation touch, you need to take that in consideration while budgeting. Again, you need to transfer your telephone, gas, power and internet connections and that’s going to add up to your expenses as well.

Recurring Expenses:

When we think of buying a property, we always are worried about the mortgage repayment costs. We always forget to add up some recurring expenses such as rates, house, content, mortgage protection and life insurance as well. Rates are the charges against a property and set by a local council and are charged each financial year. Rates covers the expenses on certain factors such as water supply, waste water, road works, parks etc. The charges differs as per the property area.

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