Whether you are buying a property purely for investment or looking for a long term family home, there are going to be expenses that pop up that surprise you. These can be regular expenses that you get used to paying monthly or one off payments that really break the bank. It is always best to be prepared financially for whatever might spring up and here are just a few of the things you can prepare yourself for.
It is always a good idea to be on top of everything before it arises and this is especially true with purchasing a home. One of the best ways to ensure you know and understand everything about the property is to have professionals inspect the place before you even think about buying it! This includes everything from pest and termite inspections to having a builder you know and trust to check over the structural integrity of the building.
The last thing you want is to buy a property only to find out it needs 100 and 1 things fixed! (Unless you are after a renovation of course.) These can be quite pricey especially if you require more than one inspection to be completed, however the money you spend on inspections could potentially save you in the long run and will give you peace of mind when you move in.
Whether you are planning on renting the property out or living in it yourself there are going to be ongoing maintenance costs. This is especially true if you are looking at purchasing a home with a pool, garden or even a dishwasher that keeps breaking down! While a lot of these can be managed without much fuss, it’s important to account for them in your budget before you purchase a home. Unless you plan on maintaining the garden, outdoor area, pool and all the appliances in the home yourself then you are probably going to have to look at hiring specialist tradies on a semi-regular basis.
Council rates certainly vary in price make sure you know how much you are looking at paying in your area before you purchase any property. Rates cover you for things like garbage collection, waste removal and all the council services you can enjoy for free like libraries and swimming pools.
You shouldn’t let these costs put you off from buying a home. Speak to one of our Mortgage specialists for advice about your budget, how much you need to save for a deposit and how to plan for the future.