Buying a home is a huge milestone and one of the biggest financial decisions you’ll ever make. But beyond the deposit and the monthly mortgage payments, there are several other costs to consider. Being aware of these expenses early can help you plan better, avoid surprises and move forward with more confidence.
We’ve broken down the key costs in this YouTube video to help you feel fully informed and prepared.
Watch the video here: The Costs of Buying a Home
Here are the typical costs you’ll want to account for when buying your first or next property.
1. Your Deposit
This is likely the biggest upfront cost. Most lenders require at least 5 to 10 percent of the property’s purchase price, but the more you can put down, the better your mortgage deal is likely to be. Saving for a deposit takes time and planning, so knowing your target early is important.
2. Mortgage Fees
There may be fees associated with arranging your mortgage, such as:
- Product fees (also called arrangement or booking fees), which can range from £0 to £2,000 depending on the deal.
- Valuation fees, depending on the lender and the type of property.
- Broker fees, if you choose to work with a mortgage adviser (like us), though many of our services may be free to you depending on the lender you choose.
We’ll always be upfront about any fees and explain which options offer the best long-term value.
3. Legal Costs (Conveyancing)
You’ll need a solicitor or licensed conveyancer to handle the legal side of the transaction. Their work includes checking contracts, conducting local authority searches, managing the transfer of funds and liaising with the seller’s legal team.
Conveyancing fees can vary depending on the complexity of the purchase, but you should expect to pay anywhere between £800 and £1,500.
4. Stamp Duty
Stamp Duty Land Tax (SDLT) applies to most property purchases over a certain threshold in England and Northern Ireland. The amount you pay depends on the property price and whether you’re a first-time buyer, moving home or buying an additional property.
There are reliefs available, particularly for first-time buyers, so it’s worth checking where you stand.
5. Surveys and Inspections
A property survey checks the condition of the home you’re buying. While not always mandatory, it’s strongly recommended. Costs range from around £250 for a basic condition report to over £600 for a full structural survey.
This step can help you avoid unexpected repair costs later.
6. Moving Costs
Finally, don’t forget the cost of the actual move. Whether you hire professional movers or rent a van and rope in friends, there will be expenses involved. Budgeting a few hundred pounds here can help things run more smoothly on moving day.
Ready to Take the Next Step?
Understanding the full cost of buying a home is a crucial part of your journey. It allows you to budget accurately, avoid delays and make informed choices. If you’re starting your property search and want a clearer picture of what to expect, we’re here to help you every step of the way.
Let’s make your home-buying journey smoother, simpler and less stressful. Please contact us, we’d love to help.
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