Buying a house is one of the biggest investments you’ll ever make. So, before deciding upon a property to call home, it’s important to really think about the costs involved.

As well as the mortgage and deposit, there’s a few other expenses you’ll need to factor into your decision. Below, we’ll look at some of the unknown costs that come with buying a house that you need to be aware of.

Upfront costs you’ll need to pay

There’s a lot of upfront costs you’ll need to pay when buying a house. As well as the deposit, you’ll also need to pay stamp duty, a valuation fee, legal fees, a surveyor’s fee, estate agent fee and an electronic transfer fee. That’s a lot of hidden costs many buyers don’t account for!

The stamp duty is charged by the government on all properties that cost £125,001 and over. However, if you’re a first-time buyer, you won’t be charged any stamp duty on the first £300,000 for properties worth up to a maximum of £500,000.  

Maintenance and repairs

When you buy a property, chances are you will need to make some repairs. The costs of carrying out maintenance and repairs for new homeowners can add up to thousands of pounds. Setting up a bank account to save towards repairs can help.

Tax and insurance

As part of your mortgage agreement, you’ll be required to take out adequate insurance. This protects the property against floods, fire and other damage. However, you’ll also want to consider investing in contents insurance. This isn’t mandatory, but it will protect you in case your belongings get stolen or damaged.

There’s also the cost of council tax to consider. The amount you’ll have to pay each month will depend upon the property’s band level. So, this is something you’ll need to research before choosing a property.

The cost of moving

As well as the costs of buying the house and running it, you’ve also got the costs of moving to worry about. This includes the cost of hiring a removal company, or a van to do it yourself, potential storage costs and house cleaning costs. When you move out of a rental property, you need to make sure it’s left in the condition it was when you moved in. This means you’ll need to pay for professional cleaning, as well as any repairs you may need to make.

As you can see, there’s a lot of hidden costs involved with buying a property. Unless you factor in these costs, you could end up in serious financial difficulties. The more financial planning you do before buying, the better off you’ll be.

Are you looking to buy property in UK ? London , Manchester/lacanshire , Manchester , Sicilia , Porto Palo

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    Homesgofast com

    Homesgofast.com is an international real estate portal and news source for Google news. Publishing international real estate, finance, homes and travel-related news and blogs for a targeted audience since 2002. Each news item is circulated to thousands of potential readers each day and is also available to the millions of people who sign up for Google news alerts. Find homes offered for sale and to rent direct from owners and some of the best real estate agents from over 35 countries