Purchasing regardless of the size and the location, a new home is one of the most exciting events in everyone’s life. It’s the beginning of a new era for you and your family, and a chance to make a fresh start and leave all your troubles behind. However, it’s also a surprisingly stressful period since you have to pay close attention to lots of different things, both financially and logistically. Avoiding hidden costs is sometimes not an option. Here’s what you need to know in order to do so as much as possible before moving in and save a few bucks in the process.
Lots and lots of fees
Purchasing a home nowadays isn’t as easy as it was back in the days and you can’t just meet with the person whose house you’re buying. You can’t hand them over a pile of cash, take the keys and start moving your stuff in. You have to go through a lengthy procedure first and wait for quite a while until you’re allowed to enter the home you’ve bought.
One of the things that make this process even longer and more complicated are numerous fees you have to pay – from homeowner’s insurance to document preparation fees and everything in between. However, there’s no way you can avoid these. Start taking care of them one by one, and don’t wait until the last minute to pay them.
Mold and pest inspections
Unless you’re already familiar with the property you’re purchasing – it might be your friend’s home or a place you’ve visited lots of times before – you can never be 100% sure it’s protected against mold and pests. That’s why conducting a thorough inspection is also necessary, and that’s another thing you have to pay for.
Luckily, these inspections aren’t as costly as most people think, and you’ll probably pay less than $200 or $300 for them, which isn’t that much considering the amount of money you’ve already spent on the property. Still, this is something you shouldn’t avoid, especially if you’re buying an older home, and it’s always better to do this before moving in.
Financial costs
Unfortunately, not everyone can afford a new place that easily, and mustering every cent you have is necessary if you want to move in as soon as possible. This means exploring options offered by your bank, asking your friends for a loan, borrowing some money from your parents, investing all your savings and basically doing whatever you can to come up with the amount you need.
People from New Zealand know how to evaluate the property and make sure they have the best insight into the real estate market. This is the best way to find out what’s the value of the property you consider buying. Auckland residents like to know the details before closing the deal which is something you should consider. They like to call professionals for property valuation in NZ to help them find out the value of the property.
Real estate agents
Lots of people think house-hunting is easy and they want to do that on their own, but what they don’t understand is that certain types of properties are available only to the professionals. That’s why they hire a real estate agent and let them do their work.
Of course, these people don’t work for free, and that’s another cost you probably weren’t expecting. Whether they work on commission or have a set price, you need to pay them before you’re able to move into your new place, so think twice about which real estate agent you’ll hire and how much they’ll charge.
Hidden defects
People who are in the real estate business know how to sell you basically anything, from a house that looks perfect on paper to an apartment that’s actually smaller than you initially thought. That’s why you need to be very careful when purchasing a new place and keep an eye out for hidden defects – these things are hard to notice at first, yet can turn out to be quite costly in the long run.
Leaky roofs, slanted floors, bad wiring, old bathroom fixtures, insufficient storage space and poor lighting are just some of the hidden defects you’ll notice only after you’ve made the purchase. And discovering that you’ve essentially poured every cent you have into a place that’s far from perfect is never a pleasant experience, so think about taking legal action and protecting yourself, your property and your money.
You’ve already knew that purchasing a new home isn’t easy, and now you know why. You always have to be fully focused, pay attention to the details and think twice before deciding on anything. Making mistakes is easy, especially if you have no experience, so take things slowly and try not to purchase a place that will turn out to be much more expensive than you’ve initially agreed on.
