Unexpected costs when purchasing a property
By Auckland lawyer, Ian Mellett of Quay Law Barrister and Solicitor
Solicitors / Legal Fees. These would depend on the complexity of the property transaction. The Deposit. This is dependent on your funding criteria for the property.
Mortgage Application Fee. This will vary according to how your loan is structured.
Property Valuation Report.
Property / Building Inspection Report. A professional pre-purchase inspection of a property before proceeding with a purchase is essential. This report should identify any items in the property that require attention. It is unlikely that a home will come though a property inspection with a clean report as maintenance on an existing home is always required. However, a property report allows you to make an informed decision prior to proceeding with the purchase of the property. Quay Law recommends you use a certified inspector for your potential property purchase.
Please find below some suggested sources for qualified building professionals.
1. Accredited surveyors
2. Accredited building surveyors
Mortgage Insurance. This provides you with insurance to cover you upon your death or for a major illness.
Home and Contents Insurance. You should cover your furniture whilst in transit, the house you have purchased and the household contents.
Relocation expenses. This may be on a fixed price contract or on a per hour basis.
LIM/PIM Reports (Land Information Memorandum/Project Information Memorandum)
Other Expenses. This article has been written as a guideline in order to highlight some of the costs that may be incurred when purchasing a home. This list is by no means complete as there will be additional expenses such as connection fees, phone, power, SKY or other property purchase related expenses.