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The Hidden Costs Behind Buying a Property

Buying a property may seem like an accomplishment that may take some time. Finding the right place is something that definitely shouldn’t be rushed and should feel right. Even though you may have a list of boxes you want ticked, there are always some that you are more flexible on than others. Changes can be made, especially those involving superficial factors. If you have reached the stage of locking down a property, this little list we have put together may come in handy.

Coming in towards closing this great milestone in life, should not turn your prospective home into a prison that you build for yourself. Always remember that when calculating costs, do leave a little margin of unexpected costs that may come up after the exhilarating period of signing off the sale — when you actually move into your new home. It should come as no surprise that after the overwhelming, exciting process, having some funds for a rainy day will go a long way. Take a look at these 4 costs you should prepare yourself for — you’ll thank us later! 

1. Fees

This may be the first reality check when sealing the deal. Everyone knows that saving up for that 10% deposit is quite a hill-climb but many fail to remember that this is not the only target you should have. When you calculate the notary fees, and the taxes that sneak up on you, it makes the hill-climb feel a little steeper. Take the time needed to build a decent amount as it will help in the long run and may leave you with a healthy savings account, because if adulthood has taught us anything, it’s that there will always be a rainy day. 

2. Insurance Fees

To those who are a little new to this home-buying world, this may also come as a surprise. When purchasing a property, you have to start a Life insurance plan which although is an annual fee, doesn’t come cheap — especially amidst all the other bills that pile up. This is something that is important to know and prepare for. 

3.Changes and their costs

When viewing properties, always keep an open mind. Walls can be dropped, light can be enhanced and used to your advantage. Although such small fixes may seem easy and quick to realise, do make sure to consider this cost. Don’t be afraid to take a professional with you to a viewing to have a real estimate of how much your ideas may cost. When you have a rough number, inflate it a little. Things do not go smoothly sometimes, and whilst work is being done, other issues may crop up or you may also feel like the window in the kitchen will serve better as a door — and whilst the turnkey contractor is there why not sacrifice a little more time and have everything done at once?

4. Giving some TLC

This may not be as relevant to newer properties as it is to properties with a few years under their belt. When moving into a property, you may come to realise that some aspects of the home need some tender love and care. These may come about as small or big upgrades. Underground pipes may need to be changed, replacing certain appliances may be more advantageous than fixing old ones, especially considering today’s technology has been proven to put less strain on electricity bills. Although you thought you were buying a home that was ready, things do malfunction. Keeping this in mind may save you stressing about whether to buy a new dishwasher and embracing the experience instead.


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