The extra costs of buying a home can add as much as ten percent to your purchase price. In some States, the government stamp duty climbs as high as six percent of the price. Will you need money for inclusions for your home, items such as carpets and curtains? And then there are the hidden costs of ownership – rates, taxes, insurance and maintenance.
These can add up to thousands of dollars – all of which are constant costs. The price you pay for your home is not your final cost, it’s the first of many costs.
Know what they are and make sure you can afford them.