The Hidden Costs Of Buying A Home
Buying a home is expensive – that should come as no surprise. However, many people are so blinded by the cost of the down payment that they forget the other smaller costs along the way. Here are some of the other hidden costs and how you can get the best value for your money.
Legal paperwork
Buying a property requires a lot of legal paperwork. Most people hire a solicitor to handle this. Solicitor prices vary so it’s worth shopping around to get the best quote. In some cases you may be able to negotiate the price down. Specialist conveyancers may be more suited than a general solicitor.
Property surveying
Before buying a property, it’s worth always hiring a surveyor to check for damage, some of which could need costly repair work later down the line. Surveyor costs also vary so shop around and don’t be afraid to negotiate. It can sometimes be worth hiring a surveyor before selling a property too as they can tell you of any last minute renovations worth doing that could boost your home’s value.
Broker costs
Some people may choose to hire a mortgage broker to shop around for the best mortgage. Such brokers may be able to get you deals you wouldn’t find on the high street, however they do charge a fee. You don’t need a mortgage broker, but those on a budget or with a low credit rating may benefit from one.
Real estate agents meanwhile can help buy and sell property. They generally only charge a fee when helping you sell a property, usually taking some commission from the sale price. There are specialist agents that may help you better meet your requirements such as this company Top Guns Realty for upstate holiday homes or this company Urban Commercial Real Estate for city business premises. By selling your property with the right agent you can ensure that it gets sold.
Many people sell their properties independently without an agent, which can save money. However, you may not be able to market your property as effectively as with an agent.
Making the move
When moving all your possessions, you’ll also need a moving company. Costs will vary here depending on how many possessions you have to move and how far you need to move them. Lorries will generally cost more than a van. In some cases, you can forgo a removal company altogether and simply hire a van to transport the possessions yourself. However, this is likely to take longer and only be suitable with small amounts of belongings.
Also consider whether you need to hire services such as child-minders to look after children during the move or a cleaning company to clean your old home after moving out.
The transaction fee
The final costs to consider is the transaction fee when buying the property. This applies only if paying by card. You will usually be told how much the transaction charge is before paying.
