Be aware of the many hidden costs associated with buying a new home.
Already a subscriber?Kaine Sheppard’s experience as a professional soccer player taught him a lot about dealing with formidable opponents and sticking to the rules.
The Real Estate Institute of Australia says real estate agents are required to tell potential buyers the truth about a property while not revealing any confidential information about the seller, such as his or her lowest acceptable price.First impressions Gross yields are great for comparison with other properties but don’t account for running costs. Gross yield is calculated by dividing annual income from the property by its sale price, which does not reflect expenses such as levies, taxes, repairs and rates, which is what gives you net yield.Don’t accept estimated rental returns without checking out the market.
“There’s plenty more tucked away in the home loan process including bank legal fees, valuation fees, application fees, settlement fees, mortgage registration fees and title search fees,” Tindall says. Some property buyers consider it easier and cheaper to renovate their existing property.A boom in home-based businesses, particularly since the COVID-19 outbreak, means a buyer could be forsaking part of the capital gains tax main residence exemption.
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