Buying a house can be one of the most exciting – and stressful – events of your life! You’ve worked and saved for years to get your deposit together and you’re ready to get on the property ladder. You’re purchasing not just a property, but a home for you and your family for potentially many years to come, so you want to ensure that what you buy is perfect! But before you start looking at your dream home, it is important to account for the hidden costs and fees involved with purchasing a house in your budget, or your step onto the property ladder could end up being a nightmare!
Stamp duty is one of the most major hidden costs involved with purchasing a property. Stamp duty is essentially a house tax, paid to the government when anybody buys a residential property. In the UK, stamp duty is currently required on all properties being sold for £125,000 or more. This was temporarily raised to £500,000 to help first time buyers due to the pandemic but has recently been reset back to its original sum, meaning now even more people are getting caught out!
Valuation fees are collected when the mortgage lender you wish to borrow money from wants to conduct a valuation of the home you’re buying. Some mortgages include these fees within the mortgage deal itself and so, it is not charged separately! But this can be a hefty fee if you aren’t prepared for it. The amount is based on the value of the house, but it can be up to £1000+ for expensive properties.
Having your potential new home professionally surveyed is an important step in buying a house! The surveyor will assess the condition of your home and ensure that they highlight any damage or areas of concern, so you can purchase the home fully aware of any potential repairs or alterations that may need doing! Prices vary but if you require a full structural survey can run up to £600!
If you have any concerns or questions about the hidden costs associated with buying or selling your home, talk to an estate agent for advice and information! A good estate agent will have all of the info you need to make your purchase in confidence. For the best estate agents Altringham has to offer, check out Empanda Properties!