Buying a new home is an exciting but costly endeavour. Beyond the purchase price, there are a number of additional expenses that can significantly increase the total cost of your home. It's important to consider these costs in addition to the initial asking price when deciding on a property.

When looking into the costs of purchasing a property, it is essential to remember that there are many additional costs associated with the process. These fees can include mortgage fees, survey costs, legal fees and stamp duty. As such, it's important to get quotes for each of these services in order to ensure you're not paying any unnecessary fees.

Additional costs

Once you have purchased your property, there are additional costs to take into consideration when you are budgeting for the purchase. If you speak to an advisor they may charge you a fee for their services in arranging your mortgage, there may also be an arrangement fee with the mortgage lender, solicitor costs for search fees and the overall payment will also need to be paid at the end of the transaction.

Other costs to consider are removal costs for your belongings and for furniture and decorating your new home. If work needs to be done to the property then this will need to be budgeted for also.

If you are looking to purchase a property above the stamp duty threshold or are buying a house with someone who isn't a first time buyer they need to pay stamp duty, this is a payment that will be best discussed with us as we can calculate this payment following laws and policies and let you know if you fall into the category for making this payment.

How much stamp duty will I have to pay?

The amount of stamp duty you pay will depend on various factors such as where you are purchasing, who you are buying from and the cost of the property. For example, if you’re a first-time buyer in England or Northern Ireland, then you won’t have to pay Stamp Duty for any purchase up to £250,000.

It is important to be aware of the cost of stamp duty before committing to a property purchase in order to ensure you are not surprised by any additional costs. Furthermore, make sure you have researched the applicable rates in your area and are familiar with any reliefs that may lower your total tax burden. By understanding all the intricacies of Stamp Duty Land Tax, you can ensure that your property purchase is as cost-effective and hassle-free as possible.

If you are looking to purchase a property above the stamp duty threshold or are buying a house with someone who isn't a first time buyer they need to pay stamp duty, this is a payment that will be best discussed with us as we can calculate this payment following laws and policies and let you know if you fall into the category for making this payment.

For more information on stamp duty and if it applies to you, visit the Government website here

Finally, owning a home also comes with ongoing costs, such as taxes and utility bills. Be sure to factor these costs into your budget before making a long-term decision on where to live. Doing so will ensure you're able to maintain your lifestyle without going over budget or getting into financial trouble.

If you are interested in buying your first home or moving onto your next property, we are here to help, contact us via email [email protected] or feel free to give us a call at 0151 662 0188.