What costs should we factor in when buying?

Property Clinic – May 19

Andrew Bailey - Belvoir Andover

Andrew Bailey, Sales Director at Belvoir Andover covers this month’s property topic

My partner and I are hoping to buy our first home. Can you let us know what costs we need to factor in when putting together our budget?

As a first time buyer, you will need to have a suitable deposit to put down on the property. The more money you are able to save as a deposit, the less you’ll need to borrow from the bank. If you have a larger deposit, you will also have access to more competitive mortgage rates.

There are also fees to cover the cost of conveyancing and the searches that need to take place. In addition, if your home costs more than £300,000 there will be some stamp duty to pay. Finally, you will need to factor in the cost of removals, home insurance (building and contents), any renovations or updating that may need doing and of course, any furniture you will need to buy.

The Belvoir team can arrange for you to have some independent mortgage advice and then we can estimate all the above costs based on the maximum purchase price you can afford.

If you have any property queries, call into Belvoir’s offices in Bridge Street and one of our friendly team will be able to help you further, or you can call us on 01264 366611