Video Transcript: 

As a home buyer, it’s easy to get caught up in the excitement of purchasing a new property. After all, this is one of the biggest investments you’ll ever make. But it’s important to remember that unforeseen expenses can and often do arise. Hello everyone, this is Sam from Prime Property Buyers. I’m a buyer’s agent and I help property buyers to save time and money when buying their next property. In this video, I will outline some tips for preparing for unforeseen expenses with your property purchase in Australia. Please note that the content in this video is in general nature only and you must always seek professional advice when making any decision related to property.

The first step is to have a solid understanding of the overall cost of your property purchase. This includes not only the purchase price, but also other costs such as stamp duty, legal fees, and building and pest inspections. Many homebuyers make the mistake of only calculating the purchase price and forgetting about these additional costs, which can add up significantly.

Once you have a complete understanding of the costs associated with your property purchase, it’s important to build a contingency plan. This should include setting aside a portion of your budget to cover any unexpected expenses that may arise. This could be in the form of a savings account or another type of investment vehicle. The key is to ensure that you have access to the funds should you need them.

Another important tip for preparing for unforeseen expenses is to conduct a thorough inspection of the property before you buy. This includes not only a building and pest inspection, but also a close examination of the property’s structure, plumbing, and electrical systems. Any potential issues should be addressed before you finalize the purchase, as they could lead to costly repairs down the track.

Finally, it’s essential to have comprehensive insurance coverage in place for your property. This includes both building and contents insurance, as well as any additional coverage you may need for specific risks such as flood or storm damage. Not only will insurance protect you in the event of an unforeseen expense, but it will also give you peace of mind knowing that you are financially covered for any potential risks.

In summary, preparing for unforeseen expenses with your property purchase in Australia requires careful planning, a thorough inspection of the property, and the right type of insurance coverage. By following these tips, you can protect your investment and ensure that you are financially prepared for any unexpected expenses that may arise.