|House Buying Costs
When people look into buying a home and the sort of financial costs involved they often look purely at the price of a house (as quoted by an estate agent). If you are looking to buy somewhere, then it's worth thinking about all of the additional costs that you'll need to pay.
For example, you need to figure in the cost of getting a mortgage valuation on your new property, plus the additional cost of getting the mortgage arranged. The valuation and arrangement fee might typically account for an additional £500 or so.
You'll also need to add on the conveyancing and various surveys (home buyers and structural), as well as search and land registry fees. These associated costs might add another £2,000 on to your home-buying spending.
The last cost that you'll need to consider is the dreaded tax! Depending on the value of the home that you're purchasing, you'll need to pay Stamp Duty. At the time of writing, Stamp Duty is set at 1% on properties worth between £60,00 and £250,000; 3% on properties valued at up to £500,000 and 4% on properties valued at greater than that amount. If you're lucky enough to find a property for less than £60,000 then you won't have to pay Stamp Duty.