When most people start house hunting, they focus on the price of the property itself. But buying a home comes with a range of additional costs that can catch buyers off guard. These hidden expenses can add thousands to your budget if you’re not prepared. Here’s what to look out for:
- Solicitor and conveyancing fees – You’ll need a solicitor or licensed conveyancer to handle the legal side of the purchase. Fees typically range from £500 to £1,500, depending on the property value and complexity of the sale.
- Stamp Duty – Depending on the value of your new home and whether you’re a first-time buyer, you may need to pay Stamp Duty. It can add several thousand pounds to your bill, so be sure to calculate this early.
- Mortgage fees – These can include arrangement fees, booking fees, and valuation charges. Not all lenders charge them, but when they do, it can be £500 to £2,000. Some buyers add these to the loan – but that means you’ll pay interest on them.
- Surveys and inspections – A standard valuation might not reveal structural problems, so many buyers opt for a Homebuyer Report or full building survey. Expect to pay £400 to £1,000 depending on the level of detail.
- Moving costs – Whether you hire a professional removals company or do it yourself with a van rental, moving always costs more than expected. Boxes, packing materials, and time off work all add up.
- Repairs and renovations – Unless you’re buying a new build, it’s rare to find a house that doesn’t need a little work. Whether it’s new carpets or a fresh coat of paint, even small upgrades can cost hundreds.
- Insurance – Mortgage lenders will require buildings insurance, and you’ll probably want contents insurance as well. Prices vary based on property value and location.
- Ongoing maintenance – Don’t forget to factor in things like boiler servicing, garden maintenance, and general wear and tear. Owning a home comes with ongoing responsibility.
Our advice? Create a detailed budget that includes these extras, and leave a cushion for the unexpected. We always encourage our clients to ask about costs up front – we’re happy to help you estimate what’s involved so there are no nasty surprises.
