Buying a house can be exciting and daunting in equal measures. There is much anticipation – the thought of freedom and independence is overwhelming. Whether you’re buying your first home or you’re up- or downsizing, a fresh start is often great for us all. However, there are many things to consider before the real excitement kicks in. There are many hidden costs to consider before buying a house, on top of the price you pay for the house itself. So, before you begin looking over budget, read on to see what you need to account for before buying a house.
Stamp Duty
Unfortunately, now the stamp duty holiday is over, we’re back to this extra cost. Stamp duty will typically be between 2-12%, but it all depends on the price of your home. However, there are loopholes in the stamp duty system. If you’re buying a property under £125,000, stamp duty doesn’t apply – saving you a larger chunk of money. Also, if you’re a first-time buyer, you’re exempt from the stamp duty costs.
Professional Fees
As you probably expected, buying a house is an expensive thing. And, sadly there are many processes you can’t do on your own. Paying for mortgage brokers, valuations, homebuyer surveys, and solicitors can be expensive. So, many sure you do some research before you commit to anything. However, be aware that often prices can range, but this can reflect quality. Make sure you entrust a reliable conveyancing firm that won’t cut corners – doing so could result in a good upfront saving but a large financial outlay further down the line.
Home Improvements
Unless you designed it yourself, a house is rarely perfect before you move in. So, there might be some work to do to get it up to scratch. Before you purchase a home, it’s worth analysing how much work there is to do and what it will cost you. Then, once you’ve accounted for these costs, you’re able to make your home lovely as soon as you get the keys.
Moving Costs
As well as a large, physical upheaval moving house can be expensive too. If you’re moving from house to house, you likely have large pieces of furniture that you need to transport. So, hiring a reputable company to move your furniture for you is important. Make sure you do your research on local companies and the quality of their work as your possessions are very precious and they need to be in the right hands.
