First-time Homeowner Watch out of these hidden costs

Written by Posted On Wednesday, 25 March 2015 12:12

As a person looking to buy his or hers first house, there is one thing that you should always be aware of. The world of modern business is a merciless dog-eat-dog world, where vultures pray on the inexperienced ones. Even the world of real-estate is not excluded from this rule. Tricks ad traps are many and they are constantly evolving and adapting, but there is no trick that is older and more common than the hidden costs.

The notion of hidden costs originated from the fact that it is hard to sell something that seems extremely expensive. Naturally, reducing the cost of the property is out of question since real-estate is still business and as such has a goal of making money. So, the only option left was to present only the part of the real price as the full one.

To put it like this, it is a situation similar to that popular joke where the merchant was selling an ox for the price of a hen but only to people who would first buy a hen for the price of an ox. However, this does not mean that there is nothing you can do about it. Here are some tips of what to look out for hidden-costs-wise when buying your first home.

Costs of the home maintenance and regular inspections

Perhaps the biggest difference from being a home owner, as opposed to living in a rented place is the fact that now the costs of all repairs and renovations are completely on you. A home can look nice on the outside, but there are many things that are not that easy to notice for the laypeople. For some of these things you need a professional aid and that adds another expense, which was seemingly not there before. This inspection is obligatory even if your home later turns out to be in perfect order.

Still, even if your home is in a perfect condition, it will still need occasional check-ups and paint jobs. Also, things are bound to start breaking down or malfunctioning occasionally, but this is just the fact of life. What matters is that you are completely aware of this before you decide to invest in a house. You simply need to make sure that you can afford not only the expenses that your home brings, but also the ones that it might bring in the nearest future.

Insurance and legal fees

Amongst the major investments that you will be bound to make with your home, will be its legal fees. Depending on your specific situation, these can vary greatly, but one thing is universal and that is the fact that their cost is never insignificant. Also, regardless of your financial status, it is most likely that your home will be the most valuable of all your assets and as such should have proper insurance. As well as your legal fee, the price of insurance will vary upon the size the location and the type of your property. This all is just the tip of an iceberg.

By now you are probably wondering is there any way for you to be sure just how much will you have to invest in order to live  in a house that you can call your own. The answer is that probably best course of action for you to take would be to consult an agency like Think Conveyancing where you can get a real price of the property assessment by renowned professionals. This way, you will be introduced to the real price from the very start and be able to clearly distinguish between the homes that you will be able afford and those that are simply price-wise out of your reach.


The first step in avoiding a trap lies in knowing that there is a trap. In the world of real-estate, if some price seems too good to be true it usually isn’t the real or at least full price. Always have this in mind and do not be afraid to ask for a professional help.

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