Purchasing property is a financially complex endeavor that can cause the naive and unsavvy to waste thousands of dollars unnecessarily. Here are 15 simple steps that will help to point first-time home buyers in the right direction. (Naturally, the first step is to save like crazy.)
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Dear Lifehacker, I own my own property in Australia. I was wondering how much space directly above and below my land legally belongs to me? For example, do I own the land all the way down to the centre of the Earth, or does it become government/public property after a few feet? Likewise, does the airspace above my house technically belong to me? If so, how far up?
Negative gearing is a very controversial issue. The latest round of debate stems from the Reserve Bank's submission to the House of Representative Standing Committee on Economics regarding the enquiry into home ownership. The Bank believed that "there is a case for reviewing negative gearing". According to some, it's a patently unfair tax policy. Here's why.
Lenders Mortgage Insurance (LMI) is a one-off fee payable when borrowing more than 80 per cent of a property's value. It's yet another expense that can make life difficult for cash-strapped home buyers; even for a modestly priced property. This "hustler's guide" from Home Loan Experts outlines the various ways you can reduce -- or completely avoid -- your LMI fee.
Buying a house involves more than slapping down a deposit and moving in. There are all manner of hidden costs and financial complexities that ramp up the total price significantly. Once you factor in stamp duty, conveyance fees, mortgage insurance and miscellaneous bank fees, you can expect to pay tens of thousands of dollars more than the advertised price tag -- and that's before you take interest, council rates and general upkeep into account. Here are some tips that will help to keep the total cost down to a less terrifying level.