Thinking About Buying A Property?

Before you make an Offer

When buying a house, the person selling the house is the vendor and you are the purchaser.

Before making an offer to buy a house you should:

  • speak to a financial institution like a bank to see how much money you are able to borrow;
  • find out if there is any government support available especially if you are a first home-buyer;
  • think about your future expenses and how much you can save once you own your own home; and
  • find out what minimum deposit you need to purchase the property.

Hidden Costs

It is best to get a good overview of all the expenses prior to making a decision to put an offer in on a house.  There are other expenses that you may need to pay when buying a house, for example:

  • Government Stamp Duty or Transfer Duty, which is a tax for buying a house;
  • loan application or establishment fees;
  • mortgage costs and insurance;
  • legal fees for conveyancing;
  • building inspection costs;
  • moving costs; and
  • any repairs or maintenance if the house requires.

There are ongoing expenses associated with owning your own that you should consider, for example:

  • strata levy fees (if applicable);
  • home and contents insurance;
  • home utility costs including water, electricity and gas bills;
  • maintenance costs;
  • local authority rates.