6 Costs To Consider When Buying A Property
Thinking of buying a home? It’s not just the purchase price you need to budget for! Here’s 6 costs to consider…
1. Deposit
Your deposit is the initial lump sum you put towards the property, usually 5-20% of the purchase price. The more you put down as your deposit, the lower your monthly repayments.
2. Stamp Duty
You’ll need to pay Stamp Duty on homes costing over £250,000, unless you’re a first-time buyer. If you’re buying your first home, you won’t pay Stamp Duty on properties up to £425,000, and you’ll get a discount on properties up to £625,000.
3. Property Surveyors
A property survey assesses the condition of the property. Depending on the level of detail, surveys can cost between £400 and £1,500. This step can save you from costly surprises down the road.
4. Solicitor Fees
These are the legal costs for the transfer of property ownership. Expect to pay between £850 and £1,500 for a solicitor or licensed conveyancer, plus additional disbursements such as local searches.
5. Buildings Insurance
Most mortgage lenders will require you to have buildings insurance in place before they release the funds. This protects your property against damage, and costs vary depending on the property’s value and location.
6. Removal Costs
Moving to your new home can involve costs such as hiring a removal company, renting a van, or purchasing packing materials. Depending on your needs, this can range from a few hundred to a few thousand pounds.
We help our Nook clients with all of these, with tried and trusted recommendations. Make sure you’re prepared for every step of the journey.
Get in touch today to get started!