What other property costs might I have to pay?

What other property costs might I have to pay?

Registration fees for a property purchase. A document called a Transfer of Land is lodged each time a property changes hands to record the change of ownership. The document must be registered with your State titles office and the cost of registration can vary between the states.

A title search fee. A search of the title for the property will need to be conducted to check that the details on the certificate of title are correct and there are no restrictions or encumbrances on the property which can affect the sale.

Land survey costs. A survey of the property will confirm the boundaries and show you whether there are any easements you need to be aware of. A survey will also check that the house has been built within the requirements of the Council.

Conveyancer fees. Conveyancers can lodge your Transfer of Land registration, conduct a title search and organise a land survey as well as help you understand all of the contracts and obligations you need to adhere to during the sale of the property. Expect to pay around $1000 for a conveyancer, but you are paying for someone to act as your legal representative, check whether there are rates outstanding from the council, confirm that the contracts meet your needs as well as liaising with your lender.

Body corporate fees. If your first home is a strata title property for example you will need to budget for ongoing costs such as body corporate fees, sinking funds and liability insurance which will cover any damage to the building and common grounds.

Building insurance costs. In most cases you will need your first home to be insured at the time of settlement, for your loan to be made available but you may want to ensure the property earlier when you exchange contracts for the purchase.

Building inspection costs. Before you go ahead with buying your first home you want to make sure there are no issues and so you should have building and pest inspections completed. Building inspections can check for damp, structural issues, damage and the condition of the foundation and supporting beams, columns and walls. You can also check whether there has been or is any pest activity before you buy.