When purchasing a property, most of the financial emphasis is usually placed on the initial purchase—the cost of the home you are buying. This is understandable, as this amount is often one of the largest sums many of us will invest in a single purchase.
If you are a first-time buyer, however, you may not have realized that there are a range of other costs which can come with buying a house, and these hidden fees have a nasty habit of creeping up when you least expect them. While some estate agents and vendors take pride in keeping these costs low, for example, Christopher Ellyn Homes buys houses fast without fees, it is important to bear the additional expenses in mind. To help you avoid any nasty surprises, we have put together the ultimate guide to any unexpected costs you may encounter on your journey to home ownership.
Survey of the property
Before committing to buying, it is a good idea to get the property thoroughly surveyed by a professional. This includes looking for any structural concerns which could become a problem later down the line, or any concerns which are highlighted.
You can also arrange for information into the local area, such as future planned projects which may affect your quality of life. There is no point in buying a blissful rural retreat if the local council is planning on building a sports stadium right behind! A decent survey costs money, but can help to save you large sums in the future, and may stop you from making an ill-advised investment.
The estate agent
Estate agents can be a great way to streamline and simplify the buying process. They will find you properties based on your requirements and preferences, doing all of the hard work and allowing you to simply turn up to the viewing.
They will also offer services which cover the legal requirements and paperwork, liaise with vendors on your behalf, and generally help make the process much smoother. Unfortunately, these benefits come at a cost, and it is important to factor this in. It is likely there will be a charge for each service, and these can quickly add up if you don’t keep a sharp eye!
The cost of viewing
It is also worth factoring in just how much it will cost you to view a house. This may seem a strange consideration, but if you consider multiple properties you will have to plan your trip, perhaps take time off work, and possibly even pay a fee.
While this is not a problem if you find your dream house on the first go, it can quickly become expensive if you attend multiple viewings, or repeat viewings on the same property. You may have to use public transport or pay for gas, and this can add up to a fair few dollars over a period. Be savvy and selective. Thanks to the Internet, you can find out a lot of details online and narrow down your viewings only to those you really like.