Watch for hidden expenses of buying your own home

June 1, 2016 by Brendan O'Neill

Advice & Tips

Although most buyers will make sure they have saved a deposit and enough money to pay for legal fees and a survey, there are still some hidden costs which can add a significant amount to the final cost of owning a property.

Conveyancing is

a necessary cost when buying a home. Often a buyer will approach a solicitor to conduct the work, which will include various searches and Land Registry registration. However, solicitors may be a more expensive option. An online conveyancer may be a cheaper option for a buyer to consider.

Estate agent fees tend to be forgotten when adding up the cost of buying a home, but if you are selling at the same time, you could end up with a hefty bill. You may pay as little as 1% at a high-street estate agent, but the cost can be much higher.

Removal costs are another area which tends to be underestimated. If you are buying your first property, you may not have a huge amount of furniture, but moving to another home could entail the removal of many years of accumulated possessions. Have a clear out before you move, so you are only paying for the removal of essential goods.

Decoration and the purchasing of white goods and furniture can soon add up to thousands. If it is your first home, you will need to buy just about every piece of furniture. Even moving to a larger home can require new white goods. Not many homes are perfect when you buy them, and most will require some decoration before you settle in.

Consult a CeMAP trained mortgage adviser to find out just how much buying a house will cost you.