Other expenses associated to buying a property

Home Loans

Other expenses associated to buying a property

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If you are buying a property for the first time, it’s quite possible that you have calculated the expense of buying a house excluding few major expenses. It’s nothing to worry because most first time buyers don’t know these hidden expenses or the other expenses associated to buying a property for themselves. However, they are important expenditure as they have to be paid up front.

These few other expenses include:

  • Property valuation fees which is what you pay to lender or an independent valuation company to check the property completely
  • Tax charged by government and varies from state to state on purchase of property.
  • Transfer fees paid to get the property registered on your name.
  • Legal fees for providing legal services to you.

These are the few basic expenses that most people miss out while calculating the total expense for buying a property and then become short of cash. So before buying a property, make sure you have covered for these costs.

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