So you have finally found your dream house? With the rush of excitement and anticipation that goes with purchasing a home comes many expenses that are often forgotten in the process.
The mortgage itself is the biggest cost of buying a home, we all know this.
But often we don't give enough attention to the cost of mortgage insurance that covers the lender for the amount loaned. Now this varies depending on which institution you choose, so we recommend seeking help from professional brokers who can guide you through the process.
Finding a reputable professional is key and thankfully not too difficult. For example, if I were buying a house in Norway I may look at a Norway mortgage brokerbefore I start the process.
Brokers can help you in working out how much the big move is going to cost.
They can also advise you on other costs such as mortgage application fees which again vary between zero to a few hundred dollars. Don't forget about the cost of mortgage stamp duty, which must be paid to the government when taking out a mortgage to purchase your house.
Home buyers will be subject to an array of fees such as land transfer registration fees and government taxes. Buyers will also need to consider legal and conveyancing fees that will be incurred.
These sorts of fees and government taxes are not always a fixed amount and tend to vary relative to the value of the property and complexity of the purchase. Another type of fee that is sometimes forgotten by home buyers is the inspection fee.
This comprises of a building and pest inspection that is essential to both buyer and seller when determining the true value of a house and also ensures that the property is safe. And unless you enjoy showers in the rain and camp fire dinners, you will also need to pay utility connection or transfer fees to ensure that your new abode has water, electricity and gas.
A new house often symbolizes a new chapter in life, but we find that sometimes people get so caught up in the process of finding the perfect home that they forget the cost of having to move one's earthly possessions from the old home to the new.
Depending on how much you have to transport, this cost can sky rocket into a fortune if you happen to have a shopping addiction. Not every woman has 200 pairs of shoes and not every family has 7 kids beds to transport, but when you do the cost of hiring a team of professional movers to pack up and move your life into the new house can make a significant dent in your budget.
Moving into a new home is an exciting time! Look out for these costs and create a sensible budget to ensure that there are no surprise expenses along the way.
What other costs are there when planning a move?
Image via Flickr by pnwra and woodleywonderworks
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