Buying a home is a great achievement. It’s something that takes a lot of hard work, from saving for a deposit to securing a mortgage and finally finding the right property. While many buyers focus on the purchase price itself, there are a number of additional costs that can easily be overlooked and should be factored into when buying – the last thing you want is the shock of a big will you weren’t expecting.
Whether you’re a first-time buyer or moving up the property ladder, understanding the full financial picture is essential. When buying you are going to need to factor in the generic moving costs, such as hiring a moving van and all the moving materials such as buying moving boxes. You should also consider the costs of getting a building surveys in – if you are after a quote you can contact a company like Emerald Ritter Surveyors, visit their website here – as well as stamp duty and other taxes that crop up.
Below we have put together a brief guide on three costs you should factor in when buying.
Legal and conveyancing fees
Once your offer has been accepted, you’ll need a solicitor or licensed conveyancer to handle the legal side of the purchase. Their role includes conducting searches, checking contracts, liaising with the seller’s solicitor, and ensuring the property is legally transferred into your name. The cost of conveyancing can vary depending on the property’s value and complexity, but it’s important to obtain quotes early and understand exactly what’s included. Some firms advertise low fees but add extra charges for services such as handling mortgage paperwork or conducting additional searches.
Generic moving costs
When you move, inevitably, there are going to be various moving costs which you should factor in. These costs can vary but it will cost you to hire a removals company or rent a moving van, purchase packing materials such as boxes, tape and bubble wrap, or even pay for temporary storage if there’s a delay between moving out and moving in. You may need to pay to redirect your mail, and if you haven’t fully paid your utilities bill, this will have to be paid off as you can’t normally move that over. When getting quotes for some of the generic moving costs, like a removals company, make sure you get multiple quotes to get the best price and read their online reviews – often they will be signed up to a site like Checkatrade.
Stamp Duty
Most people have to pay stamp duty on the property they purchase. How much stamp duty is, very much depends on the price of the property you are buying and if you are a first time buyer. First time buyers benefit from not having to pay stamp duty up to a certain price, helping to make that first step onto the property ladder a little more affordable.
When are you planning on moving and what are the biggest costs aside from the purchase that you have had to pay? Which of the above three did you prioritise first? Is there something you would like to mention that will help our readers who are moving? Let us know in the comment box below.
