Let’s face it. Buying a house is one of the biggest and most expensive decisions you are going to make. Costs can easily blow out of proportion and you want to make sure you are not buying a lemon. Most people are keen to find ways to reduce your property purchase costs in NSW and we are totally on board with this notion.
On a normal day the costs involved with the purchasing a property are nothing to scoff about as well! There's duties and taxes, legal costs and several inspections that are recommended. If you are inexperienced in this market, you may end up biting off more than you can chew. And that could spell disaster for your finances not to mention your sanity. Keeping costs under control can quickly become your life's mission.
How to Lower Your Costs
If you are looking to buy and reduce your property purchase costs in NSW then we have some tips. Simple things you can do to make sure you’re not shelling out more money than you should.
1. Have a thorough inspection first
- An inspection is an investment. Usually, you’ll be purchasing a property “as you see it,” and little do you know that there may be unwelcome pests or defects unseen to the naked eye. While paying for inspection is an added expense, that’s a lot better than doing a complete structural overhaul which could easily cost a lot more.
2. Read the contract carefully
- There are agreements that say you will be getting the property “in the state you find it,” which can include fixtures. If fixtures are not addressed this should act as a red flag as removing fixtures could damage the property, and of course, the repair will be from your pocket. This part can sometimes be unclear, so you need an expert when you look through the contract.
3. If you’re a first home owner, know your privileges
- Here’s the exciting part. If you are buying your first home, you may be eligible for the first home owner grant. Some new home purchases from July 1, 2017 can be eligible for assistance for values up to $600,000 from the government. This is higher if you build. That’s a huge help! Sometimes stamp duty can also be waived!
4. Consider buying a newly constructed home
- There’s a certain appeal to buying a newly constructed home. For starters, you’re assured you're the first person to live in the property. As an added perk, there’s even the possibility that payment for stamp duty may be waived.
5. Extra one time payments can help
- Unless you have tons of cash, you’ll be paying the property on a mortgage or loan. To lessen the expense, you can opt to increase your one time payment, this time it decreases the amount an interest is applied to for the succeeding months. The savings will definitely add up.