Buying guide
8 hidden costs of buying a house in NZ
Read this and buy with your eyes (and your wallet) open
AI summary
Buying a house in New Zealand involves significant hidden costs beyond the purchase price. Budgeting for these expenses is crucial for a smooth process.
Key costs to anticipate include:
- Due diligence: Building inspections (from $400) and LIM reports.
- Purchase process: Lawyer's fees ($800+), potential mortgage fees, and mandatory house insurance.
- Post-purchase: Moving expenses and immediate repairs.
Additionally, buyers with less than a 20% deposit may face low equity margins, resulting in higher interest rates.
Extra costs to consider when buying a house
House hunting
There may be additional costs for buying an apartment.
Purchase costs
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