Home Ownership: 4 Hidden Fees to Know About

When it comes to having a home built, it’s not just the property you’ll have to pay for. There are other different fees and charges that you need to be aware of, and knowing what these are can help you be better prepared as you travel the road of home ownership. Here are some of the most notable ones:
Stamp duty
Stamp duty is a one-off cost levied on the purchase value of the property. It’s one of the biggest costs you’ll have to pay when buying a home or investment property, so you should know about it and be ready for it.

Mortgage registration fee
If you’re a first home buyer, you’ll need to pay an administrative charge for entering your lender’s mortgage onto the title record for the property.
Legal fees
Your solicitor or conveyancer will handle the legalities of transferring the property from your home builder to you, and you’ll have to pay for their services. Ask your solicitor or conveyancer for an estimate of fees including searches, disbursements, and settlements.
Forgotten fees
There are other less notorious fees that you must really be aware of including moving costs, home and contents insurance, furnishing, council rates, and strata fees. Be sure to put some money aside for these as well.

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