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07 Aug, 2020

9 Unexpected Expenses For First-time Homebuyers in Gold Coast

Buying a home can be the most expensive and biggest decisions, especially if you are a first-time homebuyer. It is one of the most difficult tasks to search for the dream house in the hotspots of Gold Coast. Being one of the developed cities, the prices of residential properties are increasing with each passing year.

Apart from the cost of the property, you may encounter some unexpected expenses if you are buying for the first time. You have to pay a hefty amount for upfront and ongoing expenses that can take a lot on your pocket.

Whether it is about arranging packing materials or hiring experienced removalists in Gold Coast, home inspections to closing costs, you have to pay everything on time. Therefore, it is good to create a rough budget and always keep extra money with you so that you can easily complete the process without any hurdle.

If you are buying a home for the first time, have a look at the following unexpected or unfamiliar expenses you will encounter throughout the process.

1. Expenses on Home Inspections

This is one of the most overlooked expenses when it comes to buying a house. You may have to arrange more than one inspection. So, be prepared.

Before officially closing on your home, you will need to arrange a thorough property inspection to determine the condition of the property. The cost of hiring a professional for an inspection of the house as well as wood-destroying insects, should not be overlooked. A general inspection and termite will cost you a few bucks.

But, you may also want to arrange a sewer inspection in case your property is old or not in a top-top condition. This will also take another hundred dollars.

Believe it or not! All of these expenses can add up to more than a thousand dollars. Still, it won’t be a huge amount after all you are buying your own house. Make sure you don’t spend a hefty amount on house maintenance. If this is the condition, you might renegotiate with the one who is selling property, and break the deal completely. You can also create a rough budget for these unexpected expenses.

But, don’t skip this inspection process to save a few dollars. Since it is your first and one of the biggest investments, it is better to check every nook and cranny of the premises for home maintenance needs so that you can complete the further formalities without the hint of stress.

2. Closing Expenses

Once your offer is accepted, you will need to complete some paperwork given by your lender. They will give you a thorough list of closing costs, such as mortgage taxes, attorney’s fees, lender application fees, recording fees and much more.

The closing costs will be around 2 to 5% of the home buying price. For example, if you are buying a home worth of $300,000, then be ready to pay between $ 6000 and $15,000. For better clarity, have a look at the following expenses included in closing costs:

Lender’s Fees: You will need to pay from administrative costs to bank transfer fees.

Attorney Fees: This includes government filing fees, notary fees. Escrow fees and other fees related to the transferring of deed over to you.

Appraisal: This can be a huge expense, but the lender wants to ensure the home appraises for the sale price.

Interest: You can’t overlook this expense. You have to pay the interest that is calculated from your closing date to the first of the following month.

You might be not aware of these expenses if you are a first time home buyer in Gold Coast. So, it is good to calculate the entire closing costs and create a budget ahead of time.

3. Expenses on Relocation

Moving to a new house is one of the stressful and expensive chores. Most people overlook the cost involved in home relocation. Since you are moving your household belongings, heavy furniture and other stuff, you need professionals who will take care of your much-loved possessions throughout the process.

So, must include the cost of professional removalists in the Gold Coast if you want to transit your belongings without causing any damage. Make sure you search for the best removalists that can offer you quality service at the best price.

You can plan your move at least 8 weeks prior to your final moving day and create a rough budget accordingly to keep a track on your expenses. If you are moving for the first time, then keep the following expenses in your mind:

• Expenses on high-quality packaging materials or availing professional packing service.
• Removalists Fees
• Moving Insurance
• Cost of a Rental Moving Truck (if you are moving on your own)

So, prepare a complete moving budget ahead of time so that you can pay for these expenses without taking a toll on your pocket.

4. Thorough House Cleaning

Whether you are moving out or in, make sure you deep clean the property to get rid of dust, dirt, debris, mould and mildew. If you are moving out of rental premises, consider hiring the best end of lease cleaners in the Gold Coast who can carry out a thorough service to help you get the bond back.

Similarly, if you are moving into your new home, it will be good to deep clean the entire property. Let the professional cleaners remove tough stains, collected dirt, mould and other debris so that you can move into a clean house, which will give you peace of mind.

So, do include the costs of professional house cleaning services while creating a budget.

5. Property Taxes

These may vary from state to state, and they are not fixed. Property taxes may increase or decrease depending upon a city, residential property and ordinance. If you think that property taxes are higher than they should be compared with other residential properties in your area, you should hire a lawyer who can assist you throughout the process.  This will also add up on your expenses. If you want to save the fees of a lawyer, you can also do it yourself. But, don’t overlook the expenses on property taxes.

6. Insurance

Do not forget to have homeowners insurance if you are buying a new home for the first time. Whether you are getting a mortgage or paying cash for your home, you have to do it without making any excuse. It is good to buy a replacement cost policy that covers the cost of replacing the broken, damaged and stolen items in a fire instead of the one that gives you the lower value of the items that have been lost or damaged. Make sure your policy protects your home and belongings within from natural calamities and fire.

7. Property Maintenance and Repairs

Most people underestimate the expenses on property maintenance and repairs. It is good to prepare a budget for property repairs, such as leaky faucets, jammed disposals, broken door or window, cracked exterior paint, etc.

It is difficult to pay attention to such expenses if you are a first-time homeowner. You need to hire the best handyman in Gold Coast to fix the damages. To save money on this, you can search for the most affordable handymen service in your local area.

8. Utility Bills

Moving from a small house to a bigger one will automatically increase your utility bills. Well, this won’t be necessary that you will have to pay extras for water and electricity consumptions when you buy a home, but it is good to make an estimate ahead of time.

9. Internet and Cable Expenses

Make sure you have access to internet and cable while moving into your new house. You will have to contact the service providers before your move-in day for service connection and installation process.

Endnote

Buying a home is a big decision, especially if you are doing it for the first time. Keep these unexpected expenses in your mind while preparing your budget. If you have bought a new house and planning a move, consider hiring the most affordable yet experienced removalists in the Gold Coast for the safety of your much-loved possessions.