Top tips for a house buying novice

Top tips for a house buying novice

We all know the expense of buying your first home, and now more than ever it’s publicised just how much of a struggle it can be to take that first step on the house buying ladder. Whilst saving for a deposit and taking out a mortgage will be the main money worry you associate with the process, there are a number of other costs that you’ll be required to fork out for. If you’re unaware when it comes to some of the ‘hidden costs’, check out our guide below.

Mortgage arrangement and valuation fees

When arranging and applying for a mortgage, there are some additional fees that will be applied on top of your mortgage amount. Arrangement and valuation fees can vary in cost, in most cases being anything from £0 to £2,000. Whilst is can be added onto the overall amount of your mortgage, it will add to the overall amount you owe, whilst also potentially impacting on your interest payments.

Stamp Duty

Whilst Stamp duty has been altered of late, it will still be a major outgoing that you’ll need to budget for when house hunting. Put simply, stamp duty is a lump-sum payment that anyone buying a property or land costing more than a set amount is required to pay. The total amount that you’ll pay varies based on the value and type of property

Survey cost

Upon acceptance of your offer on any home, you’ll now need to have a survey carried out. Costing anything between £400 and £700, a survey can prove to be a costly expenditure, however they are crucial to find out about the condition of the building and, if there are problems, give you leverage for negotiating the buying price down or pulling out of the deal altogether.

Removal costs

Just because you’re moving into your very first home, doesn’t mean that you haven’t got a short lifetime of possessions that you’ll need to transport to your new place. Transporting items on your big day can prove to be a real headache, so if you want to keep fuss to a minimum, hiring a professional, quality removals provider can be one avenue open to you. Shop around, and pick a service well suited to your situational and budgetary needs.

Initial furnishing and decorating costs

Moving into your home should be a fun and exciting time, but one of the most enjoyable aspects of the move comes when you get to put your personal stamp on your new place. Decorating might not be the first thing you choose to do upon arriving, however over the coming months, you’ll need to get your house kitted out and to your liking, meaning you ought to begin budgeting for new furniture and accessories plenty in advance.

Home insurance

You might think that home insurance is something to look into once you’ve arrived at your new property, however it’s crucial that buyers always search out home insurance quotes prior to securing a property. It’s an important step to take early in the process, as it could potentially flag up issues with the property, such as a suspect neighbourhood, or the property being in an area at high risk of flooding. As is often the case when it comes to insurance, make sure that you shop around to make sure that you not only find the most relevant cover for your new property, but also the best price.

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First Home News

The First Home News Editorial Team is made up of professional and amateur writers including several team members from our digital PR and social media specialist Prohibition.

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