9 Hidden Costs When Buying A Home

When buying your first home, there is understandably a lot of focus on saving up for your deposit. And whilst that is a key part of the home-buying process, it’s important to consider the less obvious costs that come with buying a house. Having this in mind from the beginning will help guide you in your saving process. Here are some hidden costs to consider when buying a home.

1. Legal Fees

Conveyancing fees refer to the legal process of buying a house. These costs can be split into two sections. One category covers the cost of the solicitors or conveyance chargers for the work and the second section considers the disbursements which deals with your conveyancing solicitor who helps flag up any issues within the local areas of the house you’re buying that you need to know. Disbursements also deal with registering the change of ownership with the land registry from the previous owner to you.

Conveyancing fees drastically differ depending on the circumstance, but the average conveyancing fee in 2024 is ￡1,567.

2. Furniture

When you get your first home, you will, of course, be living in it. But that will be difficult to do if you don’t have furniture in your property such as beds, coaches, and white goods. When saving for your deposit it’s easy to picture the property itself, but the contents of what you will need to enjoy living in it are important to consider too.

3. Mortgage valuation fees

When borrowing money from your lender to buy a home, they will want to do a check on the property you want to ensure that it is worth them lending to you. This is called a mortgage valuation. Not all lenders charge for a mortgage valuation but those that do can range in costs from ￡200-300. This is a less obvious cost for first-time buyers.

Read more tips on the full blog post here: https://brickzwithtipz.com/archive/hidden-costs-when-buying-a-home/