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.