My First Property

Fees Associated With House Buying

It is, of course, well-known by everyone that house buying is a very expensive process indeed, and those who are only too well aware of this are first-time buyers, who may feel that they will never be able to have a house of their own as the costs are just too daunting.

Specifically first time buyers tend to focus on raising the money for a deposit, and when that is often around 10% and therefore can run to tens-of-thousands of pounds, that is with good reason.

The potentially daunting news is that there are various other costs that you will need to factor into the house-buying process, and if you are a first-time buyer then you may not be as aware of these as perhaps those who have been through the house-buying process a few times will be. So let's look at a few of the other costs and fees associated with house buying that you will need to budget for accordingly.

First up, there are of course the legal fees. You will almost certainly appoint a solicitor, or conveyancer, to deal with the legal side of the house purchase for you, either one you find yourself or often the estate agent you buy through will recommend one that they work with - unless you have another lined up or have a specific reason to use another - it is often easiest to take up that recommendation as they will put in direct contact.

In addition to legal fees, you will need to get a survey done on the property (the risk of not doing so is simply unacceptable!), and there are also evaluation fees to consider along with potential mortgage arrangement fees: these are the fees that the bank may charge to set up the mortgage for you.

With regard to surveys, there are different types, and a homebuyers survey will cost quite a bit more than a standard basic survey, but it is up to you what you choose and certainly with an older property most would recommend going down the homebuyers route (see our survey articles for more information).

Of course, once you've actually moved in, then depending what you currently have, you will need money for furnishings and white goods most probably, and as we all know, furniture does not come cheap. So there is a good deal to budget for when buying your first-home above and beyond the magical 10% deposit amount!

More first-time house buying articles:

  1. What to do at a Property Viewing
  2. Fees Associated With House Buying
  3. Find Houses That Have Dropped in Price
  4. Repayment & Interest Only Mortgages
  5. Finding Recent Sale Prices in the Area

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