There are many costs and expenses involved in any real estate transaction. It is important that you are aware of all these costs so that you can budget for them. It can be disastrous if you do not Prepare for all possible expenditure.
Costs and expenses arise in various areas of the transaction. Some may not be obvious or may be unexpected.
This is an overview of the expenses you can generally expect in buying a property:
- Loan repayments;
- Fees and charges payable to discharge any loan (mortgage);
- Sales commission and advertising costs payable to your agent;
- Search costs;
- Rates and Taxes for the period that you will own the property;
- Conveyancing fees and minor costs; and
- The costs involved in moving.
There may be other expenses in specific transactions; always ask your conveyancer for details of anything which may arise in your particular sale.