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Consider about the Addition Costs When Buying a Property

Arranging finance for buying a house for the first time home buyers can be very intricate. So it is very important that one should be aware of all the potential costs and should plan accordingly. Buying a new home can be a very expensive, so make sure to know the additional costs associated with the property as buyers sometimes overlook.

Here are some points from our experts about the additional costs that a buyer needs to consider while buying a house:

Land Information Memorandum (LIM) Report

The Land Information Memorandum or LIM report must be obtained from the Auckland Council before finalising a new house purchase. It is an important condition to include the LIM report in house sale and purchase agreements as it contains all the valuable information the council has on file for the property including land features (potential erosion, slippage or subsidence), building, zoning, plumbing/drainage, and resource planning consents. Non-refundable fee for the standard LIM report can cost $255 and an urgent report can cost $255 including Goods and Services Tax (GST). Buyers can receive the LIM report in 10 working days for standard services and 3 working days for urgent service from the date of payment receipt.

Building Inspection Report

The building inspection report should be obtained to ensure the property is structurally right. Obtaining this report from a qualified building inspector will cost $125 or more depending on the size of the house.

Lenders Mortgage Insurance Premium (LMI) and Loan Application Fees

Banks may charge around $400 as loan application fee. And if you are borrowing more than 80% of the value of the property, then a lender can charge a Lenders Mortgage Insurance Premium (LMI) fee which varies depending on the perceived risk and the amount you are borrowing. 

Conveyancing Fees

Legal fees for Conveyancing can range from under $1000 to $2000 for a standard residential purchase. It is common practice for lawyers to charge for the time spent on the matter and add disbursements like office charges and registration costs to the final invoice while other firms, offer up front fixed prices that include all disbursements.

Other Legal Considerations

Home buyers might encounter more legal considerations while purchasing a new house and might wish to consider entering into a relationship property agreement (pre-nuptial agreement) or updating their Wills. 


A property owner is responsible for paying the City and Regional Council rates. These rates may vary depending on the value of the property, but for a usual property in the Auckland you can expect to pay $1500 to $3000 to the City Council and a few hundred to the Regional Council. 

House Moving Costs

First home owners probably need a moving company to transport their furniture and other belongings to their new home. House movers rates may differ depending on the distance count of belongings and other related services that were offered by the moving company like rubbish removal, selling old furniture, etc. 


Life, income or mortgage protection insurance and replacement insurance are all well worth but could set back home owner by several hundreds of dollars.

Connection fees

A home buyer might need to spend over $1000 as connection fees, electricity, gas, phone, broadband and other subscriptions for a new home. 

Registered Valuation

Another common unexpected cost is a registered valuation often required by the bank in order to get finance approval. This might cost $400 or more depending on the size of the property.

Cleaning Costs

The home buyer will definitely like a new house to be thoroughly cleaned before moving in. To avoid cleaning all by yourself, either you can put a clause in the buying Agreement stating that the seller has to get the property cleaned on settlement day or you may get a cleaning company to clean it according to your needs.

Contingency Fund

Put some money aside for miscellaneous expenses as there is always an eagerness to buy something that you need for a new house and saving some dollars for such unexpected expenses is a better idea.
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