The principal costs in buying a house are:-
- Survey costs, check our Guide to Surveyors
- Conveyancing fees and disbursements, check our Guide to Conveyancers
- Stamp duty, check our Guide to Stamp Duty
- Mortgage arrangement fees, check our Guide to Mortgages
- Removal fees, check our Guide to Removals
- Repairs, check our Guide to Surveyors
The average survey cost is around £400 but this depends on the detail of survey you require. An older, more expensive house may cost considerably more. Conveyancing fees average around £400 but disbursement on a house purchase where searches are required can more than double this. Mortgage fees vary, but these could be as much as £1,000 on a mortgage of £200,000. Stamp duty is the most significant cost in buying a house. generally this is 3% of the purchase price but can less on a first time home or more on a second home.
Be aware of repairs which your new house may require, some of which may be more urgent, for instance roof repairs or damp, which a detailed survey will reveal. This could amount to many thousands of pounds especially if the house is older.
When working out what you can afford and how much to pay for a house ensure that you have taken all costs, including potential repair bills into account.