Mar
2012
When you buy a repossessed property on auction, there are also some post-sale expenses that you will need to take into consideration. Here are a few of them:
1. Moving expenses: You will have to budget for the movement of all your belongings from your old house to your new house. Be sure to make this arrangement with the moving company well in advance.
2. Final touches: Whether you want to change the living area’s walls from pink to a neutral colour, or if you want to spend some money on the garden, you will need to budget for final touches. This will be the first opportunity you will get to give the property a touch of “you”.
3. Additional furniture: When buying a property bigger than the one you currently live in, you might need some additional furniture to furnish your new home.
4. Security complex rates: If you bought a repossessed property in a security complex, there might be monthly fees you will need to pay to the complex. Enquire on the rates before you sign the Offer to Purchase in order to work out your budget accordingly.
5. Rates, taxes and insurance: This is something that you will acquire as soon as you buy a property. However, it will need to be paid and there is no getting past.
Luckily, when you buy a repossessed property, you will already save thousands on the deal. If you are well-informed on the expenses related with your new property, you will not be caught off-guard.
