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When it comes to real estate in Beenleigh and Eagleby, there鈥檚 one name you need to know: Benjamin Waite. As a trusted expert with deep local knowledge, proven results, and a passion for helping clients succeed, Benjamin is the go-to agent for sellers, buyers, and investors in the region. Worth the Waite is more than just a podcast鈥攊t鈥檚 your insider guide to Beenleigh's property markey, offering valuable insights and strategies designed to position you for success in the property market.
From understanding local trends to maximising your property鈥檚 value, each episode equips you with the tools and knowledge you need to make confident Real Estate decisions. With a friendly yet professional approach, Benjamin shares real-world advice, stories, and tips, making complex real estate topics accessible and actionable. Whether you鈥檙e planning your next move or simply want to stay informed, tune in weekly and discover why working with Benjamin is always Worth the Waite!
鈥奣his podcast is brought to you by Pod Pro Australia. Most buyers focus on only the purchase price when planning their budget. What about the hidden costs that come with buying a property today? I'm Worth the Waite. I'm uncovering those extra expenses every buyer needs to plan for so you can avoid last minute surprises and buy with total confidence.
Looking to stay ahead in the Beenleigh and Eagleby property market. Want to get local insights from someone who knows this community inside and out, then you've come to the right place. I'm Benjamin Waite, and welcome to Worth the Waite Beenleigh and Eagleby's Local property podcast where we'll be diving into everything you need to know about real estate right here in our beautiful region.
Why is it important to understand hidden costs? The common hidden cost to watch out for? Stamp duty. Stamp duty is a state government tax that is applicable on all properties, first time buyers. There are some concessions around this to help affordability, but stamp duty is definitely something to look out for.
There's loads of calculators online that can give you some ballpark ideas. A broker will give you that information too. Your conveyance that will also give you that information and your bank should be giving you a little bit of a helping hand there too. Legal and conveying fees. They will manage the pro the contract for you.
So it'll depend. There's a lot of searches around this as well. They'll go and search, search council. They'll search body. Corporate searches are around now, title searches. There's a lot of searches that they'll do for you to protect you. They will also cost as well, so be aware of that. And then. Once you've secured the property under contract, you've got a building and pest inspection.
More and more agents and vendors or sellers are providing the building and pest inspection. So that's saving it, saving the cost for you. But building and pest inspection is definitely something you need to be aware of. And definitely you want to have your property looked over. Loan application fees and lender's mortgage insurance, like a lot of these will be bank related costs.
Again, the lender's mortgage insurance will be. Typically anything that is less than 20% a deposit or 10 20% LVRA lender a loan to value ratio. This essentially assure ensures your loan with the bank. So again, the governments are going guarantor for first home buyers to allow you to buy something with 5% deposit, and the fact that they're guaranteeing your loan will then remove the LMI or the lender's mortgage insurance that a bank will need to put on that.
There's some obvious ones that a lot of people seem to forget about are moving costs. If you need to organize some car rentals, trailer rentals, if you need to store goods again, like a lot of the time when we're dealing with simultaneous or contemporaneous settlements a lot of the time because your settlements happening on the same day, the logistics of that can be difficult.
You need to be out of your house before settlement so the guys can move in. So you're typically gonna have to have a vacant property there, or at least store your goods somewhere for a week because you don't have the new property to move into. There's some clauses around early access and things that your agent and your solicitor will be able to help you with.
But moving costs and possible storage, definitely something you need to be aware of. Ongoing costs of a property as well, council rates, water rates, body corporate fees. Something that always comes up is body corporate fees, and I'm forever surprised at how many buyers won't incorporate or look over body corporate fees.
Again, a good agent will provide that in all of the dis the disclaimer information with the property. It's also in your contract that you're signing, and it should also be communicated to you via the agent as well, it should also be discussed with your broker if they're gonna be quite thorough and also your conveyance or solicitors should be able to mention it too so you need to be aware that you can kind of budget for these on an ongoing basis.
Some other unexpected costs that might pop up, not always, but might pop up, is adjustments at settlement. So typically an adjustment at settlement would probably work in the favor of the buyer because you usually negotiated a discount and that would be an adjustment at settlement. But. Even as a buyer, there might be some shortfalls that you haven't accounted for, especially in situations where you're pulling equity out of another property and there might be a shortfall, of five, $10,000 solicitors will typically have to remind you and will give you all that information maybe a week outta settlement.
Because you want to have whatever shortfall is required and probably typically more sitting in their trust account ready for them to draw off that settlement. So if you are buying a property and you haven't spoken to your solicitor until the day before settlement, I'd be worried. I'd really be thinking about just talking to your settle, to your conveyancer at least a week out to just go, Hey mate, is everything ready?
Have you, is there any shortfall? Do you need any extra funds sitting there just in case, because this can. I've seen this come a cropper or bring buyers to come a cropper a few times. Other obvious ones maybe not obvious, but when you move in, there might be repairs or immediate upgrades with investment properties.
There's some new rulings coming out around minimum housing standards, and if you are buying from an owner occupier and you're looking to put a 10 in there for the first time and your property manager is going through for the first time after you've settled the property. He might come back to you and say, Hey, look, there's X, Y, Z that needs to be fixed and before we can let this out air conditioner is not working properly or garage door not working properly, or as again, your property manager will be able to give you, some really strong guidance.
And happy to put you in contact with our property management team. We've got some really great investment services part of our business that will help you with all of that. But that's something you definitely need to be aware of. So I've mentioned a lot of things there, some tips around just being aware of them.
I'll be writing a list down of it. I'd be quite thorough between your conveyancer, your broker, or the bank, and the agent you should be able to have and property manager. If it's relevant, you should be able to have all of those items covered. The biggest thing would be to make sure you're inconsistent communication with your conveyancer a week outta settlement.
Conveyance are busy and they're doing settlements all day every day, so they might not look at your file until a day before settlement. I know you pay them to do that, but you really need to be proactive around that because that will be probably the single biggest difference you could make about being prepared and ready.
Buying a home is one of the biggest financial moves you'll ever make, and planning properly means you'll step into ownership with confidence and not stress. I've helped many buyers across Beenleigh and Eagleby. Not only just find the right property, but also navigate the full financial journey with clear advice and upfront expectations.
If you're planning your next move and want a complete picture of the costs involved, reach out for a chat. I'm happy to help. You can find me, LJ Hooker Beenleigh, or online@benjaminwaite.com au. Thanks again for listening to Worth the Waite and remember, when it comes to real estate, it's always worth the wait.
Thanks for tuning in to Worth the Waite. If you enjoyed the podcast, please be sure to share with a friend and don't forget to hit that subscribe so you won't miss an episode. And all my local property tips, updates, and insights. Until next time, I'm here when you need.