Buying a home is thrilling, but be ready for hidden costs beyond the asking price. Here’s what to watch for.

Closing Costs: These fees, typically 2% to 5% of the loan amount, include arrangement fees, valuation fees, and conveyancing fees. They’re essential for completing your mortgage.

Survey and Valuation Fees: Before purchasing, a survey to check for structural issues and a lender-required valuation are necessary, costing several hundred pounds.

Council Tax: This local tax varies by area and property value, significantly impacting your monthly expenses. Research local rates to understand your financial commitment.

Buildings Insurance and Possible Mortgage Insurance: Essential for protection, insurance costs vary based on location and property size. A deposit under 20% may require mortgage indemnity insurance.

Maintenance and Repair Costs: Homeownership means handling maintenance. Budget 1% to 3% of your property’s purchase price annually for upkeep.

Utility Bills and Services: Expect higher utility costs, especially if moving from a smaller home. Include water, electricity, gas, internet, and waste removal in your budget.

Service Charges and Ground Rent: If buying a leasehold property, these fees cover maintenance of communal areas and can add to your monthly expenses.

Being aware of these hidden costs ensures you’re financially prepared, making your home-buying journey joyful and stress-free. Understanding the full cost of homeownership is crucial for a wise investment. At Sawyer & Co, we’re here to guide you through the process, ensuring you’re ready for every step of your property journey.

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