The Hidden Costs of Buying a Property
McALLISTER ESTATE AGENTS ANTRIM
5th June 2019
Buying a new property can quickly become more expensive than originally expected. There are plenty of hidden costs to consider, all of which can add up.
Former renters are often shocked at how much more it costs to buy a property and without the correct preparation, you may encounter some hardship.
This is the legal process of buying a property. How much will this cost I hear you ask? Well that will depend on the value of the property you’re purchasing and what searches you’ve completed. Fees can start from £600 (not including outlays)
These can add up quickly, ranging from a couple hundred pounds to over £1000, depending on the value of the property and the level of survey you decide to go for.
This is a tax that is levied the buyer of a property. Click here to access a stamp duty calculator.
On top of your standard mortgage, there are other up-front mortgage fees that need to be considered:
Arrangement fees: these are often charged by mortgage companies and range from just a few hundred pounds to 1% of the mortgage value. Some lenders prefer it being paid up front whereas others may add it to the mortgage.
Broker fees: some mortgage brokers don’t charge fees, whilst others can charge up to 1% of your mortgage. We work with independent mortgage advisors so if you need help in that area, we can point you in the right direction.
If you don’t have much furniture and have some generous friends, this can be done at little cost. However, if you do have a lot of furniture, hiring a removals firm is your best bet. It can be costly, but with the right research you can select a company that best meets your needs and budget.