09 Sep Second property and budgeting!
We may have knowledge on buying a house, but what about the budgeting? What is the capital investment and ongoing expenses associated with it? Things that need to be considered are property capital cost, stamp duty, LMI, legal, bank fees, mortgage repayments, council fees, strata, maintenance, insurance, real-estate service fees and landscaping, fencing, blinds etc. not included in building contract. Not always things go as we plan for which we need to have some breathing space financially. Budgeting should be an integral part of investment process to have better financial planning so that we can also spend on those things which matter us most like better schools for kids, holidays, education, training, passions etc.