The annual rates and insurance related with house property
There are annual costs to owning a home as well as the initial start-up costs. Rates are paid to your council for services like rubbish collection. The amount varies between councils. You will need to pay some of the rates on settlement day. You need to insure your new home from the day you take ownership, along with the contents. You must have full replacement home insurance cover on your new home. This means that if something happens to your home and it can be repaired, the insurance company can restore it to newer condition regardless of the age of the house. House and contents insurance automatically includes earthquake cover.
You’ll need to pay some or all of the insurance on the day you move into your new home. You may be able to get a package deal with house, contents and car insurance. If you’re buying a unit or an apartment in a block or complex, you may need to pay a Body Corporate Levy. Find more information on garage renovation northern virginia from www.foleyhomes.com .
This is your contribution to the costs of maintaining the common areas. Ask the real estate agent how much this will be. You’ll also need to comply with Body Corporate rules and regulations.
Costs for buying a house property and Land Information Memorandum
Keeping up to date with repairs and maintenance helps keep costs down and improves the value of your home. Make sure you put money aside for repairs and maintenance each year. You can approach a lender before you find a home you wish to buy to get finance pre-approved. This gives you a good indication of what they will lend you and how much you can afford, and ensures you look at houses within your price range. Or you can find a home you wish to buy first and then approach a lender to apply for a home loan.
Most lenders have a loan application fee. We ensure you understand exactly what fees are applicable for your loan. You may want to obtain a market evaluation. This could also be a condition of your loan. You may wish to order a LIM. The LIM will tell you what the council knows about the property. Check with your lawyer that the LIM covers everything you need to know. When you have purchased a property you’ll also need to pay a land registration fee.