Hidden cost faced by first time home buyers due to rising housing market
According to the real estate researcher, most first-time homebuyers are hit with thousands of dollars in hidden costs after already elongating their funds to get a big toe on the housing ladder.
Additionally, Canberra real estate online comparison site has revealed that frustrated first-time home buyers predict that they will end up for stamp duty and home lenders insurance but another half of first-time purchasers pay an average of $6353 in unanticipated costs.
As a result, first-time buyers continue to miss out because they are consistently outbid for property in the highly competitive market. In simple terms, it means, first-time buyers, discover unexpected fees and expenses that could pile up quickly:
- Paying multiple buildings and inspection for properties they didn’t purchase.
- Other unanticipated fees, such as solicitor fees for contract review.
Canberra real estate market overheated?
Studies reveal that some buyers were paying up to $20,000 in unexpected costs, such as:
- House hunting travel cost
- Government charges
- Landing fees
- Other moving fees
Note: All this was because they did not consider professional advice and the latest Canberra real estate news and reports.
What’s more to it?
Canberra real estate agents and co-hosts of the First Home Buyer Guide podcast demonstrated that many inexperienced buyers were amazed where their money went because the biggest hidden cost was “splurging all their money on homes they aren’t planning to buy rather than the home they will.”
What interesting to know is that after spending so much, they still haven’t secured a home. They feel like the type of cost they’re facing will go on forever.
Should buyers keep an eye on the Canberra property market?
It is a big “YES“! Whether you are a first-time buyer or not, landing in 777 homes can be a nightmare for you if you have no idea about properly gauging prices. In a rising market like this one, knowledge about Canberra real estate prices matters.
Many first-time homebuyers are tempted to assume that these things are trivial, but they will matter when problems occur or the market halts – and it always does.
Hear what experts have to say
Now it’s time to forget about getting stuck with something that you shouldn’t have bought because 777homes.com.au.au are appropriately qualified listing professionals where first-time home buyers and sellers can enhance their knowledge about homes for sales Canberra, Canberra real estate market, and much more.