Apart from the price of the property itself, there are some other fees to consider when you think about purchasing a house. It is important to be prepared for these extra costs, and have money put aside to cover them.
Before the sale
If you need a mortgage, then there will be costs involved in arranging one, depending on the lender and what their criteria happen to be. Some charge significant upfront costs, which need to be considered even if the interest rate is competitive. There may also be a fee for getting the property valued, which will be necessary to arrange the mortgage. You may wish to get the property surveyed too.
The conveyancing, or legal work involved in transferring land titles, will also need to be paid for, and this charge could vary depending on who does the work, and how complex the purchase is.
What are the fees involved when you buy a house?
Apart from the price of the property itself, there are some other fees to consider when you think about purchasing a house. It is important to be prepared for these extra costs, and have money put aside to cover them.
Before the sale
If you need a mortgage, then there will be costs involved in arranging one, depending on the lender and what their criteria happen to be. Some charge significant upfront costs, which need to be considered even if the interest rate is competitive. There may also be a fee for getting the property valued, which will be necessary to arrange the mortgage. You may wish to get the property surveyed too.
The conveyancing, or legal work involved in transferring land titles, will also need to be paid for, and this charge could vary depending on who does the work, and how complex the purchase is.
Make sure you have enough to cover stamp duty
The largest cost in buying a house is likely to be stamp duty, which is a form of tax paid to the government. Second properties and properties above certain values involve paying more stamp duty. If your name is on another mortgage, that could mean a higher rate of stamp duty. To learn more, see this report in The Guardian.
As buying a home can be a costly business, you want to make sure the house you’re interested in ticks all of your boxes and has no major problems. If you’re looking for a homebuyers report Kent has many specialist providers, including SAM COnveyancing (homebuyers report Kent). This will give you lots of useful information on any property you’re thinking of buying in the county.
Buying a house can be an exciting and stressful time. It is important to have enough cash set aside to pay for legal work, mortgage arranging and especially stamp duty, which must be paid through your solicitor at completion. Gathering as much information as possible before the purchase is always advised, not only to have full awareness of any issues with the property, but also to negotiate a better price should the house need substantial repairs. For peace of mind, it is good to know that the foundations, roof and walls are sound before committing.