by Domain Property Agents, April 23, 2017
Want to buy a home but don’t know where to start? You’re not alone. A new HSBC survey on homeownership suggests that would-be buyers aren’t always realistic when it comes to saving for a property, with many people focused on getting a deposit failing to consider upfront costs and delaying their entry into the property market.
“The deposit for a home loan is the biggest initial cost of owning a home, but buyers also need to factor in the costs of stamp duty, legal fees, mortgage insurance, building inspection fees and in some cases renovation costs,” said HSBC Australia head of mortgages Alice Del Vecchio.
Given that buying a home is such a big investment, it’s important to make sure you plan for any additional costs. This way when you do go to auction, you won’t miss out on your dream home.
Things you may want to consider when you’re buying your first home include the following:
Finding the right property for you is also important. After all, if you haven’t budgeted for renovations, you won’t want to buy a fixer-upper. An easy way to narrow your property search is to talk to your real estate agent about the best deals for you.