{"id":100178,"date":"2024-12-22T13:30:00","date_gmt":"2024-12-22T13:30:00","guid":{"rendered":"https:\/\/en.econostrum.info\/uk\/?p=100178"},"modified":"2024-12-22T13:07:30","modified_gmt":"2024-12-22T13:07:30","slug":"first-time-buyers-beware-hidden-expenses","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/uk\/first-time-buyers-beware-hidden-expenses\/","title":{"rendered":"First-Time Buyers Beware : Hidden Expenses That Could Add Over \u00a35,000"},"content":{"rendered":"\n
Buying a first home<\/strong> is a dream for many, but the journey often comes with unexpected financial<\/strong> hurdles. Beyond deposits and mortgages, hidden costs and upcoming changes to stamp duty could leave first-time buyers facing significant surprises.<\/p>\n\n\n\n
First-time buyers often concentrate on saving for a deposit and securing a mortgage, but they may overlook additional costs. Speaking on his YouTube channel First Home Focus<\/strong><\/em>, Spencer detailed five key expenses that can inflate the total cost of buying a home:<\/p>\n\n\n\n
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Mortgage fees<\/strong>: Typically range between \u00a31,000 and \u00a32,000, depending on the loan terms. These fees may be added to the mortgage balance, but still represent a significant upfront cost.<\/li>\n\n\n\n
Valuation fees<\/strong>: Lenders charge around \u00a3300 to confirm the property\u2019s value aligns with the loan amount.<\/li>\n\n\n\n
Homebuyer surveys<\/strong>: For properties that aren\u2019t newly built, surveys cost approximately \u00a31,500, offering critical insights into the property\u2019s condition.<\/li>\n\n\n\n
Legal fees and conveyancing<\/strong>: Expect to pay \u00a31,000 plus VAT for legal processes such as title transfer and contracts.<\/li>\n\n\n\n
Removal costs<\/strong>: Moving large furniture and belongings can add another \u00a31,000 or more, especially for sisable households.<\/li>\n<\/ul>\n\n\n\n