Everyone knows that buying a home is a large investment. This is why first-time buyers spend months or even years saving up a deposit for their new home. However, there are other costs that come into play when you are buying a home. If you’re not aware of the costs of buying a home, you could be in touch of financial difficulty.
Here at Letters Group, we want to help our home buyers and sellers have a smooth house transaction. So, in this blog we have put together some of the costs of buying a home that you may not have considered. This will help you ensure you are prepared for your first step onto the property ladder.
- Stamp Duty
Depending on the value of your home, the stamp duty can end up costing thousands of pounds. This is a cost that needs to be paid upfront too. There are different brackets of stamp duty dependent on the home. There is also a reduced rate for first time buyers. If you speak to our mortgage advisors or estate agents, they will let you know the cost you should expect. This will help avoid any nasty, and potentially expensive, surprises.
- Surveys and Valuations
A selection of surveys and valuations are essential when buying a home. However, they do cost money. That said, the prices of the surveys and valuations do vary. You may also find that some surveys are included by your mortgage provider. While a higher priced survey may look like a scary amount, it can be very cost-effective in the long run if a major issue is found. The cost of these surveys and valuations will vary depend on the value of the property, it’s age and the type of survey required.
- Mortgage Fees
When you apply for a mortgage there are a lot of processes involved. This is where the mortgage fees come in. Most mortgage providers will charge an arrangement fee. This is the cost to find the right mortgage for you and set it up. There are then further fees required by some mortgage providers, such as an indemnity fee. If you use a broker as well, there will be fees involved for that too.
- Solicitors
You need to use a property solicitor to sell your home, known as a conveyancer. They will have a set charge for their services. There will also be extra charges for land registry records and similar. Here at Letters Group, we work very closely with a property solicitor in Peterborough that we highly recommend. Please contact us directly if you would like their details.
The great news is that you get our incredible house finding service for free. We don’t charge you for house viewings and we will happily help you find the right home for your needs. If you’re ready to buy a new home, call our team now. We are here to help and support you on your house buying journey to make it as stress free as possible.
