What amount do you think is advisable for spending on your property purchase? Find out exactly what costs are involved in buying your dream property.
What are the costs of buying a property?
Buying a property involves an array of costs, from government charges that include stamp duty, mortgage registration, and transfer fees to lender fees concerning loan application fees, legal fees, lender mortgage insurance if applicable, and the list goes on. Beyond government and lender fees, there are other important expenses, from insurance to pest inspection, taxes, utility installation, council and building approval and inspection fees; it’s not just one or two things.
What are the other hidden costs of buying a property?
When budgeting for a property purchase, it’s easy to focus on the deposit and loan repayments, but there are several hidden costs. These costs may be charges for repairs to the property, renovations and council-suggested building adjustments. You might need to hire a solicitor to handle the transfer of the property into your name, or a building inspector for a pest inspection and a strata report. Some lenders also charge an application fee for loans. These little costs often remain hidden throughout the purchase process, only to hit back toward the end, throwing your budget. However, with our property buying cost calculator, you will know exactly what to expect.
Why use the property buying cost calculator?
With a property buying cost calculator, you can forget making the process of purchasing your home complicated. The calculator lays all your costs out for you; budgeting is quick and easy. With results provided in seconds, you’ll know exactly how much to save or allocate before applying for a loan. Having a clear picture of where your money goes allows you to negotiate confidently and make informed decisions when purchasing a property. Not just potential homeowners but even agents and professionals in the real estate field can use the calculator during consultations to provide quick insights and advice.
Who should use the property buying cost calculator?
Absolutely everyone who’s even remotely considering purchasing a property should be using our property buying cost calculator. From first-time homebuyers planning their big investment to real estate agents and mortgage brokers, everyone can use it for building their budgeting and saving strategies.
How does the calculator work?
The calculator helps you estimate the total expenses involved in purchasing a property by grouping costs into three main categories: government charges, lender fees and other buying costs. Under the government charges, you’ll need to enter the costs related to state or territory government fees. Next, the calculator asks for details related to your loan and lender charges, including legal documentation fees and loan application fees. The last section, other buying costs, covers all additional expenses associated with purchasing and moving into your new property.
After all information is entered, the calculator generates your total estimated property buying cost, combining all three sections. This gives you a clear overview of how much money you’ll need to complete your property purchase.
