The Forgotten Costs Of Buying A House
When you’re buying a home, especially when it’s your first one, it can be easy to get caught up in the significant numbers and the excitement of finally getting on the property ladder. However, you should be wary of the extra costs you may not have factored into your budget such as this mortgage broker when looking for a new home. Below are some of the most prominent costs associated with buying your first house, beyond the deposit and your mortgage.
Buying a home is a complicated process that requires a lot of paperwork. You need to hire a solicitor to check all the documentation for the property is in order and to ensure that it is completely signed over to you. This shouldn’t be a drawn-out process but it will take time, and most solicitors charge by the hour. It is an unavoidable but necessary cost, so you should factor in how much a good quality solicitor will cost to ensure that once you’ve paid your money, the house is entirely yours with no risk of debate.
This item may seem like an odd expense, especially if you are buying a new build property. But it is always worth getting a professional to check the property before you hand over any money. This situation, unfortunately, could prove costly in the long run, as the surveyor might notice faults with the property which result in you being further out of pocket.
If the surveyor advises against purchasing the property at the listed price, you should heed their advice. You should then negotiate a lower price to take into account the work that you need to get done. If the seller will not budge, withdraw your offer and walk away.
One expense which nearly always gets left off the list is the cost of moving. It can seem like a minor bill in comparison to the hundreds of thousands you are spending on the property, but it is essential nonetheless. You should make a list of all the items to be moved and work out how many boxes you will require. It’s also a good idea to work out what you don’t want anymore and donate it or get in touch with a waste removal service. You should also factor in a plentiful supply of packing materials so that fragile items are not damaged. Some removal companies will offer a service to properly pack your belongings for you.
However, you should bear in mind that this will come at a premium, so you should weigh up how valuable your time or money is to you. The company will charge you for how long it takes to load up the removal truck, the distance to the new property, and how many flights of stairs are at either property. The size of your furniture will also be taken into account, as large pieces will require more than two people to move.
If you remember to factor these into your budget, you can rest easy that you won’t have any surprises during your buying process. The last thing you need is to have maxed out your budget and then realize that you still need to pay for solicitor’s fees or similar. Follow this advice, and all you’ll need to worry about is how to turn your brand new home into a sanctuary.