Not factoring in all
the real costs
Too many first home buyers are fixated with the purchase price of a
property and give scant regard to the variety of other costs involved in homeownership.
Firstly, there is stamp duty, which can be about five percent of
the purchase price – although there are a number of first home owner stamp duty concessions, but they come with strict guidelines and maximum
purchase prices.
Another cost is conveyancing, which are the legal costs involved in the
transaction including transferring ownership from the seller to you.
Of course, there are also moving costs to consider, too.
When renters become homeowners, they also learn about all the other
costs that their landlord used to pay, which they were probably blissfully
unaware of.
These include insurances, council rates, body corporate or owner's corporation fees if your new home is an attached dwelling, as well as
repair and maintenance.
These costs can be thousands of dollars annually, which you will need to
budget for every year.
Another homeownership cost is rising interest rates on your mortgage,
which you will have to pay if and when it happens.
RealRenta has all the tools that a property manager has, but at over ¼
the cost of a property manager.
Join now and the
cost is less than a cup of coffee a week to manage your rental property
RealRenta also has a
free vision, so why not check it out
Jason Gwerder
Tuesday, 26 October 2021
