What you need to think about when buying a home

News at Townends | 06/10/2017

Moving home is an exciting time, and it’s easy to get carried away when looking for your dream home. Before you fall in love, we’ve created a guide to some of the costs you’ll need to budget for when buying a property. 

Thinking of moving? We have a fantastic selection of properties for sale across London, Surrey and Hampshire, search for your perfect property with Townends todayOr why not book your FREE, no-obligation property valuation today to see how much you could sell your home for?/pages/property-valuation-how-much-is-your-home-worth

So what are the costs of moving?

  1. Deposit– Whether you are a first time buyer or moving home you will need a mortgage deposit. This is typically the largest outgoing in the entire process and is usually between 10-20% of the individual property value. Don’t forget, some mortgage products may also carry a fee.
  2. Stamp duty – This is the tax owed on all property purchases exceeding £125,000. Stamp duty rates vary depending on the overall value of the property.
  3. Legal fees –This is the fee associated with the legal transaction of buying a house, otherwise known as conveyancing. This process involves the preparation for and exchange of contracts.
  4. Property survey –When it comes to buying a home, no one likes surprises. A survey will flag any potential issues with the property, allowing you to make an informed decision before committing to making a purchase, potentially saving you money down the line.

A few other things to think about when buying a home:

Location – Property prices vary depending on their location in Britain and this has a subsequent effect on the upfront costs needed for purchase.

Do-er upper or show-home – Naturally a house that needs work will be cheaper than one that is beautifully presented, don’t forget to budget for any renovation costs!

Moving day – Think about packing material, removal companies, kennels or catteries to ease the stress on your pets.

Selling fees – If you’re also selling a property you’ll need to budget for any selling fees.

If you are looking at buying a new home our team of friendly and experienced agents are determined to help you find your perfect property. Search our latest properties and book your viewings now.