Buying a home will almost certainly cost more than you think. Here’s what you should consider:
- Legal fees: depending on the house price, conveyancing charges can be at least £500-£800
- Stamp duty: for properties over £125,000, you will have to pay stamp duty on the purchase price (1st time buyers pay stamp duty on property purchases over £300,000)
- Mortgage arrangement fee: mortgage lenders will likely ask you to pay an arrangement fee of around £1,000. Make sure to check if this is refundable or you may not get it back if the purchase falls through
- Valuation fee: lenders will likely charge you for a valuation to check the property exists and that it offers sufficient security for the loan. Expect around £300.
- Surveys: these can be £400-£700. Be aware that you may have to pay for multiple surveys due to some purchases falling through
- Removal costs: paying to have your stuff moved can be from £100-£1000 depending on the amount moved and distance
- Home repairs: be ready for unexpected property maintenance
- Furniture and decorations: now that you have your property, you’ll need to turn it into your home
