Tips for a house buying novice

We all know that buying your first home is expensive. It can also be difficult to take that first step on the house buying ladder. Saving for a deposit and taking out a mortgage are the main costs you associate with the buying process, although they are other costs you need to consider.

Below we list some of the other costs you may face…

Mortgage arrangement and valuation fees

When applying for a mortgage, there are additional fees that will be applied on top of your mortgage amount. Arrangement and valuation fees do vary in cost, being anything from £0 to £2,000. It can be added to the overall amount of your mortgage, but it will add to the overall amount you owe. This can have an impact on your interest payments.

Survey cost

When the offer has been accepted on any home, you’ll now have to have a survey carried out. This costs anything between £400 to £700, a survey can prove to be a costly expenditure, but they are important, as they find out about the condition of the building and if there are any problems, it can give you a leverage for negotiating the buying price down or pulling out of the deal altogether.

Removal costs

Transporting items from your home on the big day can be a real headache, so if you want to lessen the stress, consider hiring a professional. Make sure you look around online and pick a service that is suited to your situation and budget.

Stamp duty

This is a lump-sum payment that anyone buying a property of 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 the property.

Furnishing and decorating costs

Moving to your new home is an exciting time, one of the best things is putting a personal stamp on your new place. When you decide to start decorating you’ll need to get your house kitted out and with the item’s you like, so you should start budgeting for new furniture and accessories way in advance.

Home insurance

It’s crucial that buyers investigate home insurance quotes prior to them 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 it being in an area with high risk of flooding. Make sure you shop around so that you not only find the most relevant cover for your new home, but at the best possible price.

By following our top tips, you will feel ready to take that first step towards buying your first home!

If you’re looking to buy a new home, view our current listings.

However, if you’re looking for more general advice about the buying process, call our friendly team.