Planning for Costs of Buying a House as a First Time Buyer

If you are thinking of buying your first home, this is a very auspicious moment to do so, as for the first time in years, first time buyers on the market have surpassed second steppers. The reason is the good financing deals available as well as the new relief from LBTT that offers good savings in tax.

That does not mean that buying your first home is not a big financial commitment and you should be prepared for all the costs involved in moving into your brand new home. Moving from rental accommodation into your own home can mean a change of pace.

Fees and tax

Make sure you have a clear list of initial costs – for instance your deposit, lender fees, LBTT or stamp duty (if any), the valuation fee for the mortgage lender who will asses the value of the home, the surveyor’s fee – if you decide to have the home independently checked, legal fees, etc.

Add to that the mortgage fees as well as the obligatory home insurance and  council tax to have a clear picture of what your financial commitments will be.

Cost of moving

When negotiating the purchase of your new home, make sure you discuss fixtures and fittings. If the current owners prefer to take their appliances with them for instance, you will have further costs to plan: buying a new fridge, washing machine or curtains will probably be unavoidable if the are lacking in your new home and they add up to the actual removal costs

Cost of improvements and essential repairs

If you are buying a home in need of a bit of love and you plan to slowly start improving it over time, make sure you have a thoroughly checked list of essential repairs – a leaky pipe or roof are a priority when moving in – in order to make sure your home is water proof and prevent further damage.

The unexpected

It is fairly common that surprise costs arise during the whole moving process. Whatever they might be, it’s best to be prepared and keep a reserve for unpleasant situations; as a homeowner anything you need to fix or maintain will be your responsibility in your new home.

As one of West of Scotland’s longest established estate agents, we’ve helped families across the country buy, rent, let and sell properties quickly, and with the minimum of hassle. Get in touch with our team on 0333 241 3333 today or send us a message to find out more.