Better Homes and Gardens Real Estate

The hidden costs of buying a house

Tuesday, 10th December, 2019 // Property Market News

And why a tiny home could be the answer for first home-buyers. – by 

It’s no secret that buying a property in Australia is an expensive thing to do. In fact, according to the latest Domain House Price Report, the prices of houses across most Australian capital cities is on the rise again – so much for that window of affordability for first home buyers. For first home-buyers in Sydney, Melbourne, Perth, Hobart and Darwin, house prices are once again increasing and real estate experts warn now may not be the best time to buy.

However, it isn’t just saving the deposit or getting approved for a large home loan that is holding buyers back – it’s all the hidden costs of buying a house that nobody warns you about.

According to the total of purchasing a $400,000 property can cost an additional $59,770 when you add expenses such as transfer costs, mortgage registration, lenders insurance, one off property costs, removalists, inspections and installations, insurance and repayments.

However, could the key to home ownership be tiny homes?

tiny trailer house in field
Hauslein Tiny Houses

Tiny home are small abodes, often built into a trailer or caravan-like structure, that have a tiny bedroom, bathroom kitchen and dining space on board, and you can buy them in Australia now.

5 reasons why you should consider a tiny home

  1. Tiny homes cost less to buy
  2. Tiny homes are easier to maintain, and doing so cost less
  3. Tiny homes have a smaller environmental impact
  4. Tiny homes promote a more minimal and mindful way of living
  5. Tiny homes are more energy efficient
Inside image of a tiny home
Hauslein Tiny Houses

Hauslein Tiny Houses are one of the foremost tiny home manufacturers in Australia, and they say a tiny home can be more than just a place for you to live, it can be an additional income source.

“Love to own your own home without the 30-year mortgage? Want to reduce all those climbing utility bills? You can enjoy a quality dwelling with all the comforts and mod-cons at a greatly reduced cost.  Be mortgage free in 3-4 years and greatly lessen bills by going for the off-grid options.” Write Hauslein Tiny Houses.

“Need some guest accommodation or want to make some extra pocket money? Use a tiny house for Air B&B or many other accommodation options.”

Disclaimer: The opinions posted within this blog are those of the writer and do not necessarily reflect the views of Better Homes and Gardens® Real Estate, others employed by Better Homes and Gardens® Real Estate or the organisations with which the network is affiliated. The author takes full responsibility for his opinions and does not hold Better Homes and Gardens® Real Estate or any third party responsible for anything in the posted content. The author freely admits that his views may not be the same as those of his colleagues, or third parties associated with the Better Homes and Gardens® Real Estate network.