Hidden Costs & Tips You Should Be Aware Of As A First Home Buyer
A big issue that first home buyers are repeatedly facing is the obscured traps of hidden fees that pop up, this can range from building inspections, pest control, mortgage broker fees, valuation fees, insurance, and other services.
If you’re looking as getting a loan, it’s a good idea to scrape that 20 percent in order to better the conditions of the loan and keep you out of the mortgage lenders' insurance fees. As a first home buyer, it's very important to keep your costs to a minimum you want to concentrate on getting into your new home and not the stress of dealing with added costs that you may have been unaware of.
In order to avoid lenders' mortgage insurance, it’s important to have that 20 percent deposit. Lenders' mortgage insurance is the added fee that comes if you have less than 20 percent as it reduces the risk for whichever loan company you decide to go with.
When it comes to picking your first home, make sure to take full advantage of any government program that offers you a grant when purchasing your first home. The Government’s grant varies year to year but it is important to settle on what you want when you have the deposit for it as you don't want to be sitting on an opportunity to move into your first home and get started on your next property!
Whether you’re looking at buying your next home or looking at that next investment property, contact Harcourt’s Beyond today and find out how we can help set you up for the ever-changing future.
