If you are wondering how much it will cost to buy a new home or flat, there are a number of fees your will need to consider. Below are some short descriptions of what each cost will entail. Major upfront costs will include:
- Stamp duty
- Deposit
- Valuation Fee
- Surveyors Fee
- Legal Fees
- And general removal costs
Stamp duty
Youcan use Stamp Duty Calculators to work out how much you will need to pay when purchasing your new home. You will always have to pay this if the property you buy is over £125,00 which of course is inevitable if you ate buying in Southern England and London.
Deposit
The deposit needed on your new home is usually calculated by the overall cost of the house. The more deposit you pay, the more likey you are to be accepted for a mortgage. Home buyers (on average) need at least 5% to 20% of the price of the house.
Valuation Fee
Depending on some mortgage lenders, they may not charge you this fee, dependant on which plan you select. But the cost can be anywhere from £150-£1500 based on your new property’s value.
Surveyor’s Fee
Before you go ahead and get excited about a dream home – make sure you get it checked out by a surveyor. You don’t want to buy a new home and find out that there are any structural issues, damp or cracks etc. These on average cost anywhere from £250 to £600, but will be money well spent as it could save you money in the future if you come across anything that needs repairing.
Legal Fees
Buying a property obviously will entail legal fees for a solicitor or a conveyor to carry out all the legal work when buying (or selling) your home. Typically priced anywhere from £850 to £1500. They can also tell you when any local plans ie waterworks, building works etc will be taking place. Another thing to consider.
General Removal Costs
So as well as paying for everything else, people tend to forget about the cost of hiring vans and lorries. The average cost ranges from £300 – £600
