The Costs of Buying your First House

For most younger adults, buying a house is something that can be a struggle. Since 2008, getting on the housing ladder has become a much bigger challenge and relies on first time buyers getting that all important deposit together. Saving for a deposit is not always easy, as most lenders ask that you have a deposit of approximately 10% of the property price. When a large sum of money is required, and once you have achieved that and saved up the deposit to put down on your very first home it is a real achievement.

However, it is important to remember that the deposit and the cost of the house itself is not the only cost that you will need to factor in when you are saving up to buy your first home. It is a good idea to know what to expect, so that you can ensure you have enough saved up for all of the other costs that are part of buying a property.

Here are some of the costs that you will need to factor in when you are saving up to purchase your first house…

Conveyancing – This is the name for the legal side of the property purchase. Because a house is such a large purchase there are lots of legal documents and things that must be done correctly before you can move in. This is where a conveyancing solicitor comes into it. Your estate agent may be able to recommend a s solicitor that you can use for this, but you can also ask around family and friends for recommendations. It is a good idea to get some quotes together so that you can compare costs, as fees vary from one solicitor to another.

Survey – A survey is needed when you are buying a house as it can identify things that you wouldn’t have been able to spot when you were viewing the property. Find a company like this building survey Birmingham based company who specialise in doing these surveys for home buyers, as it is important that problems are identified before you move in. This may mean that you may not want to go ahead with the purchase if a significant problem is discovered at the survey stage. A survey can ensure that you don’t end up buying a property that will cost you a fortune in repairs!

Removals – Depending on how much you have to move, you may want to hire a removals company. If you have a lot of heavy and large items to move, it can be a good idea to get a removal company to do this, or if you do want to do it yourself, with the help of friends and family, you could hire a large van that you can drive yourself which is cheaper than hiring people to do it for you. Look into your options, and ring around local companies for quote s on this if you are unsure.

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