Managing moving costs
Moving into a new home will typically involve a variety of expenses. Alongside transit insurance, the cost of hiring a moving company and arranging your utilities connections, there are a range of other important move-in costs that need to be considered before you purchase a property.
Stamp duty is a government-charged fee on certain kinds of official documents. With property, this covers the transfer of ownership and agreements for the sale, but the total amount will depend on the state you live in and the cost of the property itself.
Building and pest inspections are a necessary expense to ensure the property you want is liveable, and should be carried out prior to purchase.
Hiring a licensed consultant for a building inspection can total up to $1,000 depending on the size of the property, so this can add a significant amount to your moving costs.
If you have enlisted a real estate agent to handle the sale of your previous property, their commission will also need to be included in the moving budget.
Lastly, legal fees and borrowing costs will need to be factored into your budget for move-in costs as well. A solicitor or conveyancing lawyer will be required to handle the legal transfer of ownership for any property you buy or sell, and their fees typically come in under $1,000.
As part of the home loan application process, your lender may also charge fees for settlement, property valuation and the mortgage application itself.