Buying a new home is a big achievement and you should be proud of yourself, but you should never forget that there are lot of hidden costs when it comes to buying a house.
These costs can add 10-15% on top of the price you are paying for your new home.
So it’s important you budget for this, as what’s the point in buying a house and struggling with paying the mortgage straight away. That’s a fool’s move!
Here are a few of the hidden costs of buying a house:
This is one of the killers! Stamp Duty can add up to 7% to the original cost of buying your new home. We’re talking thousands of pounds!
Legal Fees are also known as conveyancing. It usually costs between £500 to £1,500. This covers the legal process involve with buying a property.
Surveys usually cost between £500 & £1000, it’s where a professional visits the home you are planning to buy and double checks whether the building is in a good condition before you buy it. This can save you £10,000s in the long run!
This usually costs around £250, and involves your mortgage lender carrying out their own survey to check how much they think the property is really worth.
Estate Agent & Mortgage Fees
If you’ve used a mortgage broker you will usually have to pay them a little fee. This is usually anywhere from 0.5% to 1% of your mortgage.
Sometimes we forget just how much it costs to move house. Renting a van, hiring a removal company…this all costs money. Make sure you budget this in!