When you are working out the finances of buying a home and ready to apply for a loan, don’t forget to include those other costs you will need to pay. These may be considered hidden costs because you may not realise they exist if you’ve never had anything to do with buying real estate. It can come as a shock to know that you have to account for many thousands of dollars more than the price of the house. What are these hidden costs?

• Stamp duty is one of the most significant costs; even when discounts apply, it still accounts for thousands of dollars. There are two types; responsibility for the transfer of the property and duty for the registration of your mortgage. The amount of the former depends on the property’s price and what state or territory it is in.
• Moving costs and renovation costs if you want to paint or replace the carpet before you move in. You might also want to purchase new white goods.

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