{"id":8539,"date":"2015-04-15T08:07:56","date_gmt":"2015-04-15T12:07:56","guid":{"rendered":"https:\/\/www.furnitureinfashion.net\/Blog\/?p=8539"},"modified":"2018-11-21T12:33:06","modified_gmt":"2018-11-21T12:33:06","slug":"work-out-the-true-cost-of-buying-property","status":"publish","type":"post","link":"https:\/\/www.furnitureinfashion.net\/blog\/work-out-the-true-cost-of-buying-property\/","title":{"rendered":"Work Out The True Cost Of Buying Property"},"content":{"rendered":"

No doubt, buying property requires some money. Whether it is a huge house, or a tiny apartment \u2013 it is still a serious investment and before you can start looking for a new home, you should better work out the true cost of buying. Purchasing property is associated with an entire range of different expenses, which include:<\/p>\n

\"Work<\/a>

Work Out The True Cost Of Buying Property<\/p><\/div>\n

Mortgage fees<\/b><\/p>\n

First if all, you will have to find out if you can be pre-approved for the mortgage. Normally, there won’t be a problem with that – especially if your income is stable and predictable. The consultation with your bank representative is free, but reserving the mortgage may require a booking fee, varying somewhere between \u00a3100 and \u00a3250. Also, apart from the first deposit (that should be covered by your current savings), you might have to pay mortgage fees. Some creditors do not charge them, but some of them do. If your property cost exceeds \u00a3125 000, your initial mortgage fees can reach up to \u00a32000.<\/p>\n

Solicitor\u2019s fees<\/b><\/p>\n

Then, there are the solicitor\u2019s fees that vary between \u00a3500 and \u00a31500 plus 20% VAT. In most circumstances, you will be asked to pay 10% of the fee upfront. One of your solicitor\u2019s tasks presupposes providing property evaluation reports (upon your request). The task will cost you extra \u00a3250-300 \u2013 that is only the solicitor\u2019s fee for working on these reports.<\/p>\n

Home evaluation reports<\/b><\/p>\n

The reports will not be free either. Apart from the solicitor\u2019s fees, you should be prepared to pay for each report separately. The most expensive (and, unfortunately, the most important one) is structural, or building, survey. Minimal cost of the survey is \u00a3600 \u2013 sometimes more.<\/p>\n

The cheapest and most basic survey is a home condition report, which starts at \u00a3250. However, the survey will not give you any details apart from those you can actually see with your own eyes. A more detailed report would be homebuyer\u2019s valuation report \u2013 this one can actually give a better insight of the property condition, and its cost starts at \u00a3400.<\/p>\n

After the purchase<\/b><\/p>\n

Even after the purchase, your expenses are not over yet. Even if your newly bought property is in an excellent condition, you will still need to invest some money into it. Most new homeowners start by painting the walls afresh; others go deeper and replace old electric wiring and other engineering communications. Some start redesigning the interior completely; others simply order new furniture\u00a0<\/a>. Whatever your case may be is up to you to figure out. Yet, whether it is an additional window or a new bedroom collection\u00a0<\/a>, you have to be ready that more money is to be spent. And, of course, if you have plenty of stuff to move into your home, do not forget to consider moving company services in your calculations \u2013 normally, their fees vary from \u00a3300 to \u00a3600.<\/p>\n

The take away \u2013 you have to be really careful with your finances. To work out the true cost of buying, you will have to take all of the mentioned above expenses into the account, and store some money in the reserve \u2013 for the emergencies, unexpected expenses, etc.<\/p>\n","protected":false},"excerpt":{"rendered":"

No doubt, buying property requires some money. Whether it is a huge house, or a tiny apartment \u2013 it is still a serious investment and before you can start looking for a new home, you should better work out the true cost of buying. Purchasing…<\/p>\n","protected":false},"author":4,"featured_media":31511,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[111],"class_list":["post-8539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-cost-buying-property"],"acf":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/posts\/8539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/comments?post=8539"}],"version-history":[{"count":0,"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/posts\/8539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/media\/31511"}],"wp:attachment":[{"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/media?parent=8539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/categories?post=8539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.furnitureinfashion.net\/blog\/wp-json\/wp\/v2\/tags?post=8539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}