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YOU’LL NEED A WEDGE TO HANG THAT DOOR
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YOU’LL NEED A WEDGE TO HANG THAT DOOR

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  1. Home
  2. Property

The hidden costs of buying a house

And why a tiny home could be the answer for first home-buyers. - by Laura Barry
  • 04 Nov 2019
The hidden costs of buying a house
Getty

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 YourMortgage.com.au 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.”

Want to see more Australian tiny homes? Watch the video below to watch Jo Griggs chat to local tiny home owners.

  • Property
  • Finance
Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

{headline}

5 legal ways to reduce your capital gains tax on investment property

5 legal ways to reduce your capital gains tax on investment property

How you can save money on your home loan by going green

How you can save money on your home loan by going green

This is how long it takes to save a home deposit in Sydney

This is how long it takes to save a home deposit in Sydney

The potential property hotspots for 2020

The potential property hotspots for 2020

{headline}

{headline}

The January 2020 changes all first home buyers need to know about

The January 2020 changes all first home buyers need to know about

Why you should reconsider hosting an open house inspection

Why you should reconsider hosting an open house inspection

The first mistake all first homebuyers make

The first mistake all first homebuyers make

{headline}

{headline}

How to know if a home isn’t worth the listed price

How to know if a home isn’t worth the listed price

Everything you need to know about container home designs

Everything you need to know about container home designs

Three things you should never do at an open house inspection

Three things you should never do at an open house inspection

The suburbs in Australia where it’s cheaper to buy than rent

The suburbs in Australia where it’s cheaper to buy than rent

Airbnb drives up rent and property prices, study

Airbnb drives up rent and property prices, study

Maintain the value of your rental property by doing these four things

Maintain the value of your rental property by doing these four things

The paint colour that  will increase the value of your house

The paint colour that will increase the value of your house

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