The Hidden Costs Of Buying A Home


Hidden cost of buying a homeWhen buying property, most people only budget for the price of the property itself (or, in most cases, the mortgage deposit). However, there are other hidden costs involved in the process that can often catch homebuyers out. Here are some of the hidden costs to factor into your budget when buying a home.

Valuation costs

When applying for a mortgage, you usually have to pay for a valuation fee. This usually involves someone from the mortgage company visiting the property in person to investigate whether it’s worth lending you money for. This can cost hundreds – valuations of larger properties can cost more. Not all mortgage lenders will do a valuation, but it’s worth having the funds set aside just in case.

Surveyor costs

It’s worth always hiring a surveyor when possible. Surveyors can assess your property’s condition and warn you of any future expensive repair costs that may be around the corner. Some people mistake the mortgage valuation for a survey, but they are two very different things – a survey is for your own benefit whilst a valuation is for the benefit of your lender. It’s worth hiring a chartered surveyor with a good reputation in order to get a thorough examination of the property.

Legal fees

When it comes to sorting out the legal paperwork involved with buying a home, you’ll want to hire a conveyancer. Unless you have legal experience, this is not a job that you can do yourself. It’s worth shopping around to find an affordable and reputable conveyancer – this site Conveyancing Store allows you to compare conveyancers. Costs can vary widely on these fees.

Moving expenses

Once you’ve signed the property over and got the keys, you’ll need to think about moving in your possessions. Many people overlook the cost of moving their stuff into their new home. A moving company could be necessary if you’ve got lots of stuff to move over or if you’re moving long-distance. If you’ve only got a small amount of stuff or happen to be moving a short distance, you may find it more affordable to hire a van and handle the move yourself. Companies like EasiRent offer van hire services.

Maintenance

There are lots of running costs that come with owning a home – if you’ve rented property before you’ll be familiar with most of the bills. However, the cost that often catches people out is maintenance. Whilst hiring a surveyor could prevent you buying a home that needs serious maintenance, you’re still likely to experience some wear and tear even with a relatively new property. Have some savings set aside to deal with any emergency repairs such as roofing repair or plumbing. Going DIY could save you money, but if you’re not savvy when it comes to this kind of thing (or simply don’t have the time) you’ll probably want to hire handymen.

 


2 Responses

  1. […] next thing that you might want to consider doing if you haven’t done so already, is to buy a home. But, as you can imagine, this really isn’t a small purchase. You may need thousands for a […]

  2. […] first thing to do when you’re starting a property search is figure out how much you can afford to spend. There’s no point in trawling online galleries […]

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