Editorial

4 Costs First-Time Buyers Must Budget For

Buying your first house is always an exciting experience. After saving up for months or even years to get a deposit together and going through the mortgage application process, it’s time to start looking for your dream first home to buy. However, it’s important to be aware of all the different costs that are involved in buying a home, as simply paying your deposit isn’t going to be enough. It’s a good idea to have some more money set aside to make sure that you can afford the other expenses that come with becoming a homeowner for the first time.

Conveyancing

Conveyancing fees are the fees that are paid to your solicitor for handling the sale on your behalf. This is usually a few thousand pounds so make sure that you have this amount set to one side as well as your deposit. If you don’t have this money, then you may need to take it out of your deposit which reduces the amount you can put down and could change the mortgages that you are eligible to get. You can pay your conveyancing fees with a loan or credit card, but make sure that your mortgage has been approved before you apply for any credit.

Homebuyer’s Survey

While it’s not a legal requirement to pay for a survey, it is highly recommended by experts that you do. A home buyers survey involves a property surveyor, usually registered with RICS surveying, looking over the property to find any defects or issues that may not be immediately obvious. Chartered surveying is recommended for any home, and usually costs a few hundred pounds for a homebuyer survey. If you are buying an older property or a property that you plan to do a lot of work on, then you might want to go for a more in-depth building survey, which will usually cost you more. This house surveyor in Norwich can help you figure out which is the best survey to book for your potential new home.

Removals

The cost of removals can quickly add up too, especially if you are going to be moving all your furniture from a rented property to your new home. While you can reduce the cost of removals by starting early and bringing your belongings yourself a small amount at a time, while only paying somebody to bring the heavy stuff like appliances and large furniture items, this might not always be possible especially if you need to be out of your previous home on the same day you’re moving into your new one. Get a few quotes and start as early as possible to save as much as you can.

Renovations

While not all homes are going to need completely renovating, chances are that you are going to make it your own – so it’s a good idea to budget for what you want to do. Even if you are going to simply paint some of the walls and put up some wallpaper, it can all add up, so be ready for the additional cost.

When buying your first home, things can get expensive very quickly – so be ready for all the additional expenses you will need to budget for.

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