💸 Hidden Costs When Buying Property (and How to Prepare)

💸 Hidden Costs When Buying Property (and How to Prepare)

Buying a property is one of the biggest financial moves you’ll ever make — and it’s not just about the deposit. While your savings might be geared toward the purchase price, there are a few sneaky costs that can catch buyers off guard if they’re not prepared. Here’s what to budget for beyond the sale price — and how to stay ahead of the game.

🏛️ 1. Stamp Duty

This is one of the biggest upfront costs — and it’s easy to overlook if it’s your first time buying.

What is it?
Stamp duty is a government tax based on the value of the property you're buying. It varies depending on your state, the purchase price and whether you're a first home buyer.

Tip: Check if you're eligible for concessions or exemptions — especially if it's your first home.

🧾 2. Legal + Conveyancing Fees

You’ll need a solicitor or conveyancer to handle the legal side of your purchase — from reviewing contracts to transferring the title.

🏠 3. Building & Pest Inspections

This is a must-do for most buyers — especially if you're purchasing an older home. These reports can reveal hidden issues like termites, leaks or structural damage. Worth every cent. You’d rather know before you sign.

🏦 4. Loan Setup Fees

Some lenders charge fees to set up your home loan, which might include:

• Application fees

• Valuation fees

• Settlement or processing fees

Tip: A good mortgage broker can help you find lenders that waive or reduce these costs.

🛋️ 5. Moving, Cleaning + Connection Fees

Don’t forget the finish line! You might also need to budget for:

• Removalists or truck hire

• Professional cleaning

• Connecting power, water, internet

• New furniture, blinds, or appliances

✅ How to Prepare Like a Pro

• Get pre-approved so you know your borrowing power

• Create a buffer of around 5–7% of the purchase price to cover extras

• Ask for help — chat to your agent, broker or conveyancer early

• Use a checklist (we can send you one!) to track every cost

Buying a home is exciting — and with the right prep, it can be a smooth, stress-free process.

Want help planning your next move?

Whether you're buying your first home or upgrading, we're here to guide you through it all — costs included.

Ready When You Are
@ Real Estate 💚