When looking for a home to purchase, most people look at the sale price to ensure the home is within their budget. But property lawyers will tell you that there are many other costs to consider as well. If you’ve never bought property before you may not be aware of these costs and finding out later will mean your budget may be shot to pieces.
Here is a list of the other costs you are likely to meet along the road to your first home.
- The deposit, although not an extra cost, will be required up front before the remainder of the price. If you decide not to go ahead with the purchase, you’ll lose it, so be sure before you pay up. It is usually about 10% of the purchase price of the home, but if you can afford to put down 20% you may get a better deal on the loan.