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If you’re looking to buy a new home, you probably have started saving for the deposit. But to buy your own house, there are several other expenses that you will have to take care of apart from the deposit amount. We have listed here the lesser-known areas that you will need to allocate your budget for, while buying a home.
Finding the perfect home for you will be made easy with experienced local estate agents. Always ensure that you choose a local estate agent from the same neighborhood; for example, if you are looking to buy a home in Aylesbury, letting agents in Aylesbury will help you narrow down the property that is best suited for you. We have listed here the additional expenses that you may incur apart from deposit.
After the seller has accepted your offer, you need to schedule a home inspection by a professional to check the house for repairs thoroughly. In case of old properties, an inspection to rule out termite, lead paints, dysfunctional sewer and weak foundations is a must. You will have to spend a few hundred dollars here to ensure there won’t be any huge maintenance costs once you move in.
A land survey is essential to know the boundaries of the property you are buying. This will help avoid encroachment of your property and also to set up fencing.
You will have to pay a booking fee or an application fee that ranges between £99-250 for applying for a mortgage. It is non-refundable in case of rejection of the application. The mortgage arrangement fee will also be levied upon acceptance, which will be over £2,000. You can either pay it upfront or add it to the mortgage. Adding it to the mortgage will make it expensive as you will pay it with interest.
If you apply for a mortgage, the lender will insist on valuation for the property. The valuation will help the lender understand the appreciation of the property and its current worth to process your mortgage. The valuation will cost between £150 and £1,500 depending upon the price of the property.
Building insurance is mandatory while buying a property. Once the deal is done, you will have to take building insurance. The price range can be easily compared online, and you can choose what suits you the best.
You will need a solicitor or conveyancer to take care of the legal work. In case of a mortgage, some lenders offer to pay these fees. However, mostly it is borne by the buyer. The fee will be between £500 and £1,500 depending on the value of the property.
If you can pack all your belongings on your own, you can cut costs by paying only for the van. However, if that is not the case, you will have to hire professionals who will pack and help you move to your new home. Depending on the level of service you choose, this can cost between £300 and £600.
To avoid the risk of identity fraud, you need to redirect all your posts to the new address. A 12-month redirection plan costs £66.99. This will help you keep track of your posts and avoid losing important documents that are sent to your previous address
When moving from a rental property, you will have to leave it clean. You might have to hire professional cleaners to tidy the property before you leave for your new home.
Appliances and home improvements
Check well in advance of the appliances you may need to buy once you move in. Also, allocate a budget for home improvements to turn your new place into your dream home.
These are some of the often-overlooked expenses that have to be taken care of while buying a house. Therefore, it is essential to make a checklist of all the costs and arrange funds accordingly to make moving to your new home a smooth process.
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