The Costs Of Buying A House

I don't know about you, but buying a house is a big goal for my partner and me.

If you've seen my post on how to buy a house, you'll know I briefly covered how we plan to buy a home mortgage-free (crazy, I know. But possible!)

But an important piece of information in regards to buying a home is knowing some of the extras involved in buying a house.

When it comes to buying a home, I knew there'd be additional costs, but I wasn't actually sure what they'd consist of.

Now, my original plan for this article was to put down prices, but after doing my research I realised that prices will vary depending on location.I could give examples, but these prices would be based on my area and for the current year (prices go up, it happens) so instead, I figured, 'why not just let people know what they would also need to take into consideration?' because that is useful information.

So I bring you this list, which contains little snippets of extra information when required. Not all of them have additional information because, to be honest, they're self-explanatory.

Deposit and House Payment.These are the obvious ones. You can't buy a house without paying for it.

Estate AgentIt's their job to help with the buying and selling of homes.

Solicitor

A solicitor will carry out all of the legal work for you. But they aren't cheap, so make certain you get an idea of the prices they'll be charging in your area.

Home Inspector"A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections."

-Wikipedia

Electronic Transfer Fee (for mortgages)While researching, I haven't seen anything saying you get this cost if you pay without a mortgage, so I'm going on the presumption there isn't one. (Although I'm keeping the possibility in the back of my mind)For this, you'll be sent a small fee for the bank to transfer the large sum over.

Removal Costs

The bigger the house, or the more there is to remove, the more costly this one can be.

MoversThe price can vary on this one. Either you can hire a moving company, or, rent or borrow a van or vehicle big enough and do it yourself.

Changing The LocksThis one is rather self-explanatory.

Maintenance and RepairsI've never been on Rightmove and seen a house within my budget that I wouldn't change in the slightest. There's always going to be some form of repairs, redecoration, or maintenance to make your new house your home.

If you're looking to buy a house soon, here are some things you need to do.

Get estimates for the costs of services in your area.Plan how much extra money you'll need alongside the deposit.

When you've figured out these costs, you will have a good rough estimate of what you're going to be spending when it comes to getting your home. It will be a way to help you reduce the risk of unwanted surprises as well as costs.

Additional Advice

If you get yourself a house, knowing there's work to be done, see if you can figure out what the costs of those could be too. This way, you can figure out if it's a job you can get done when you move in, or if you'll have to wait a few months and save up. (The time frame depending on your income, what you have spare from it, and your availability to work on the projects, of course)