First-Time Buyer? Hidden Costs To Be Aware Of When Buying A Property

By accessibleproperty

June 21, 2021

Buying your first house is an exciting time, it signifies new beginnings in a place you can call your own home. Amid all this excitement, there are also the hidden costs and stress that comes with buying your first house.

Aside from the main upfront cost of putting down a mortgage deposit, there are also the additional costs of buying a house such as insurance, Council Tax, valuation fees and even electronic transfer fees – all of which can often go unforgotten.

For first-time buyers about to begin the process of finding and placing an offer on your first home, here are just some of the extra costs of buying a property that you may not have been aware of.

Paying Legal Fees

In the process of buying a house, regardless of whether you are a first-time buyer or not, there are a couple of legal steps that need to be taken. These include transferring title deeds through to finalising your mortgage arrangement, as well as hiring a solicitor to help you with handling the legal process.

Hiring a solicitor will help you to navigate through the legal aspects of purchasing a house, and they might even conduct additional searches for any local plans or problem that you may want to take into consideration.

Investing In A Property Surveyor

If you have found somewhere that you feel is your new home, it is worth investing in an RICS HomeBuyer Reports. Having a survey conducted for your dream property will provide you with a clearer picture of the house. If there are any issues, a home survey will identify any problem areas, in particular ones that could be costly to you in the future. These reports can help with negotiating a fairer price before the sale goes through. It also provides you peace of mind that there will be no hidden surprises after you have moved in and begun any renovation work.

Fortunately, firms such as GB Home Surveys will provide you with an extensive RICS Homebuyer Report, which goes into great detail about potential issues in a property. Whilst it is an additional cost that you will have to invest in, the information it provides will help to potentially save you thousands in the long run.

Repair Work To The Property

After finding and purchasing your first house, there may be some repairs that need to be done to help bring the house to its fullest potential. Whilst some could be DIY projects, there might be a few that require a professional, especially any of the major repairs that were flagged in the RICS HomeBuyer Reports. Depending on the repair and the size of the issue, the cost will vary depending on the work that needs to be done.

Despite the hurdles and hidden surprise that can occur during the house buying process, buying your first house will always be an exciting time. To help with the process, seek out support from those who have experienced buying a house for the first time, and even read first-time home buyer guides to help you gain a better understanding of what to expect.