In this video I'm going to give you a run down of the hidden fees when buying a home so you know what you're in for.

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For home loan enquiries
jayden.vecchio@huntergalloway.com.au

Find Jayden here:

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T: 1300 088 065

E: hello@huntergalloway.com.au

Mortgage Broker Brisbane - Hunter Galloway
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000


If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).

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Buyer's agent fees
If you plan on getting help with finding a property from a buyer's agent, you'll need to account for their fees - and they're not cheap.
Buyer's agent fees can vary depending on the agent, but you're looking at paying an engagement fee in advance, or a percentage of the purchase price of the property you buy.
These fees can range from $10,000 to $20,000 or more depending on which agent you use and the purchase price of the property. The good news is that this is a one-off fee.
Building & Pest reports
Building & Pest reports look at the structural soundness of the building and check for pests to make sure you’re not buying a home riddled with termites or white ants.
They are technically optional - in many cases, real estate agents will supply you with a building & pest report that they have obtained for the sale process.
But I think it's essential that you get your own building and pest report. There is a clear an obvious conflict of interest if you use the building and pest report given by the real estate agent.
You need to get your own report from an independent, certified building and pest inspector to make sure that you don't get lumped with a lemon of a property.
A typical building inspection for a 4-bedroom home can cost $400-500 and pest inspection $200-300. You can save a few hundred dollars by getting a combined building and pest report for around $500-600.
But they are worth every penny - and then some. I can say that building & pest reports have saved me over 5 times from buying complete dumps of properties.
One of the properties had concrete cancer, another had issues with flooding and water leaking through the walls, another had termites in a tree in the backyard, and another had evidence of old damage in the roof.
Any of these issues would have cost me thousands of dollars to fix. And I would have missed them completely if I didn't get a building and pest report done.
As another benefit - this is one of the few hidden costs of buying that can actually pay for itself. If your inspector finds a few small, easily fixable issues in the report, you can proceed with the purchase and use these to negotiate some discounts from the vendor.
You will need to pay for a building and pest report for each property that you are considering buying.
Legal Costs (solicitor / conveyancer fees)
You will need to pay a legal professional or conveyancer to help you with the process of buying a property.
They will conduct title searches and strata reports on your behalf, help you to review the contract of sale, and arrange settlement details.
If you’re buying at auction, you’ll need to engage a solicitor or conveyancer before you bid. If purchasing by private treaty - by submitting an offer rather than going to auction - you can engage a solicitor or conveyancer during the cooling off period.
In general, conveyancers charge a flat fee. Solicitors commonly charge by the hour, with the amount paid depending on how complex your purchase is.
The approximate cost is $1,000 to $2,000 depending on the searches conducted. Your solicitor or conveyancer will tell you which searches you need to conduct.
We recommend avoiding one-person operations. Your solicitor or conveyancer will need to attend settlement for you - if they are on holidays or sick then it could cause some issues at settlement time.

DISCLAIMER:
This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer.

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