Your Offer Was Accepted! Here’s What Comes Next
You've saved your deposit ✅
You've got pre-approval ✅
You worked your budget ✅
You made an offer and got your approval ✅
And, your offer was accepted - YAY! ✅
So, what's next? Considering those Additional Purchase Costs!
The Hidden Costs of Home Buying:
We’ve mentioned it before, and we will mention it again as we hear it far too often: buyers often forget to factor in the additional costs of getting to settlement. While it’s thrilling to have your offer accepted, it’s crucial to remember that the journey isn’t over yet.
Here are a few costs that will pop up:
Conveyancing Costs: These fees cover the legal aspects of transferring property ownership from the seller to you. It's essential to have a good conveyancer or solicitor to guide you through this process.
Property Taxes: Depending on the location of your new home, property taxes can vary significantly. Make sure to research and budget for these costs to avoid any surprises.
Homeowners Insurance: Protecting your new investment with homeowners insurance is a must. This will cover you against potential damages and losses.
These additional costs can quickly add up, sometimes reaching five figures. But don't be deterred or scared by that concept. We want you to know all this so that you can get prepared ahead of time.
Planning Ahead
To avoid any financial surprises, it’s wise to plan ahead. Here's how you can get started:
Research: Look into the specific costs associated with the area where your new home is located. Different regions have different tax rates and insurance requirements.
Budgeting: Factor these additional costs into your budget from the start. Knowing these expenses ahead of time allows you to allocate funds accordingly.
Consult with Professionals: Rely on our team to think of all the things you haven't. That's why so many of our clients start chatting with us when they're just starting to think about a new purchase. This early consultation gives you enough time to understand and prepare for the extra costs that might come up.
Why Start Early?
Starting the conversation early with professionals can save you a lot of stress down the line. By understanding the full scope of expenses, you can:
Avoid Surprises: No one likes unexpected costs, especially after making such a significant investment. Being aware of all potential expenses helps you plan better.
Save More: Knowing about these additional costs early on gives you more time to save. This way, you’re not scrambling to find extra funds at the last minute.
Feel Confident: With a clear financial plan, you can move forward with confidence, knowing that you’re fully prepared for the home-buying process.
We're Here to Help
Buying a home is a monumental step, and we're here to make sure you’re equipped with all the information you need. Our team is dedicated to helping you navigate the complexities of home buying, from the initial search to the final settlement.
So, if you're starting to think about purchasing a new home, get in touch with us. We’ll help you understand all the costs involved and guide you through each step of the process. Your dream home is within reach, and with proper planning, you can make the journey smooth and enjoyable.
Sarah x
