There’s more to buying a house than sending over the deposit and receiving the keys. There are many hurdles and processes you will need to undertake and bills you will need to pay. Deciding what you need, packing your possessions and trying to juggle every can lead to many stresses. However, if you’re wondering how to buy a house without much stress, read the following advice for buying a house.
A Mortgage Arrange Fee
In addition to paying a deposit, you should expect to pay your lender an arrangement fee, which is typically £1,000. Unfortunately, this fee can be non-refundable if the purchase of the property falls through.
A Valuation Fee
Lenders will also charge a valuation fee to identify if your property exists and is secure for the loan. While lending costs will vary, you should expect to pay approximately £300.
The Cost of Legal Fees
Every budding homeowner will need to pay legal fees when buying a property, which often ranges between £850 to £1,500, including VAT of 20%. You will also need to pay between £250 to £300 for a solicitor or conveyancer to perform local searches, which will identify if there are any local plans or issues.
Paying Stamp Duty
If you purchase a property for more than £125,000, you will need to pay stamp duty land tax on top of the purchase price. The only way you will not need to do so is if you’re a first-time buyer and the property is lower than £300,000.
Property Survey
Once an offer has been accepted for the property, you will need to have a property survey completed before you exchange contracts. The average price of a survey costs between £400 to £700, and homeowners will need to pay for additional surveys if the property falls through. It might, therefore, be wise to budget for two or three to ensure you are financially stable when buying a property.
A Smooth Removal Process
On top of arranging the mortgage, you will have the stress of packing boxes, cleaning the property, and moving into your new home. You will want to enjoy a smooth, hassle-free experience. For example, you can hire respected removal services for a smooth house move, declutter your belongings prior to eliminate stress, and can colour-code boxes for a fast and efficient transition.
A Fund for Essential Household Repairs
Unfortunately, your dream property might not appear so perfect once you officially move in. You could experience plumbing, electrical, or cosmetic problems you will want to resolve immediately. You should set some money aside to pay for any potential DIY work, so you will not need to dip into your savings or go into debt to make the necessary repairs.
Furniture and Decorative Accessories
Of course, you will want to put your own stamp on your new home once you arrive. You must have money in the bank to pay for essential furniture, such as a sofa, bed, and dining table and chairs. You may also want to pay for carpets, hardwood flooring, lawnmowers, linens, decorative items, plus so much more. Doing so will make feel right at home in your new address once you’ve moved into the new address.