Did you know that in 2018 in the UK, the average cost of buying a home has risen to just under £10,000? That sum was calculated based on a few different things like average house prices in the UK, and the ‘other’ or ‘hidden’ fees of moving home. So in truth, if you are buying a home that is more expensive than the average house price cost, then what you end up paying in fees to people like estate agents could be even higher. It isn’t all a sum that you will have to pay up front for, though, which is the good news.
But other than estate agent fees, what are the other fees? Here is a breakdown of some fees, so that you can add them into your mortgage plan or savings. It could affect the offer that you’re able to make on a property, so it should be looked at in detail.
Survey or Home Report Costs
Paying for a survey on the home is usually what people will pay for after making an offer on a property. It shows if there are any issues with the structure of the property, or what changes have been made to it. Then a buyer can go into the purchase with their eyes open, so to speak, or withdraw from the sale completely.
If you are based in Scotland, though, then it is your responsibility as a homeowner looking to sell, to get a home report done. It is similar to the survey described above, except that it need to be done by you, before you put it on for sale. Then all potential buyers have that information available to them. The home report cost can vary, but can be something that you can find out pretty easily just by searching online. It will just vary depending on the type and size of a property that you are looking to sell.
Buying and selling a home is a legal transaction; it is a big deal. So it needs to be done in the right way, otherwise people could try to take their home back a few months down the line. Which is where conveyancing, or solicitor fees, come in. Again, this fee often depends on the value of the property. So if you are wanting to upgrade your home, then it is likely to cost more than if you are choosing to downsize. It is usually an up-front fixed fee, though, so at least you know what yo expect.
Stamp Duty Land Tax is a legal requirement if you are buying a home the UK (other than Scotland). However, it is only payable on properties that are worth over a certain amount (£125,000), and what you pay is a certain percentage. Recently there has been good news for first-time buyers, in that they don’t have to pay stamp duty unless they are buying a home over £300,000. Help to buy is also another scheme that can almost eliminate this cost outright.