Spending those pennies
On top of the cost of your brand new home, there are lots of other things to factor in to your moving budget.
All mortgage companies have fees and charges when it comes to setting up a mortgage. Plus there's everything from surveys to insurance to think about too. Have a look at the list below and make sure you've got it all covered.
What you pay in tax depends on the price you pay for the property.
In England, Northern Ireland and Wales, you have to pay Stamp Duty when the property is over a specified amount.
In Scotland, you have to pay Land and Buildings Transaction Tax when the property is over a specified amount.
There are a few different types of valuation you can have done before you buy a property, to make sure there are no major problems.
What the valuation costs depends on which one you go for. For example, a basic Condition Report will cost less than a HomeBuyer Report or full Structural Report, but it won't be as thorough. The type you need depends on the property you're buying and your solicitor/conveyancer can advise you on the best one.
Legal costs cover the work your solicitor or conveyancer does to help you buy your property.
They include their fees, which vary from firm to firm, and things like searches and bank transfer fees when the money changes hands.
You'll need to take out buildings insurance (this will be a condition of your mortgage) and you should consider contents insurance for your new home, however this does not need to be with Sainsbury's Bank.
If you're buying a flat, and will have to pay a service charge, see if the buildings insurance is included in the charge.
Don't forget to include any moving costs like van hire or professional movers.
And look into what the property you buy will cost to run every month. Think about things like:
- council tax
- phone and broadband
- any service charge and ground rent
- TV license.