The hidden costs when you buy a property & when you pay them⎜Ep. 1635⎜Property Academy

[@Ben.Machine]

I wasn’t prepared for how high rates are. Bought my first home in Christchurch last year, is on a decent chunk of land. Rates are over $3000 a year. $3000! That’s insane!

[@ianscott3697]

Im looking at houses where rates are about 9% of the houses price, or just under $5000, $3000 sounds cheap

[@MrBradclack]

Be thankful you don't have to pay body corp fees they really hurt

[@user-nc2uw3bl3i]

Our ANZ valuation cost us almost $1,400 in 2023

[@user-nc2uw3bl3i]

These figures seem a bit low. The total cost for us to buy our rental in 2023 was $14k and we didn’t set up a trust or buy any whiteware (being two of the bigger potential costs you mentioned). We also had a pay another $5,600 in mortgage repayments for the 5 weeks between settlement date and when our tenants moved in. Those 5 weeks of mortgage repayments (without a tenant paying rent) ate up a large part all of our cashback from the bank.