Purchasing a residential property involves numerous hidden upfront and ongoing costs beyond the agreed purchase price. Buyers must budget for builders' reports and LIM (Land Information Memorandum) reports (costing 400 to 1,000 dollars combined), conveyancing and legal fees (1,500 to 3,000 dollars), mortgage application or valuation fees, building insurance mandatory from exchange of contracts, local council property rates, and moving expenses. First-home buyers utilizing KiwiSaver withdrawals may also incur minor scheme administration fees.
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