The hidden costs of buying a house

Buying a new house should be an exciting experience as you prepare for a new chapter of your life. But whether it’s a first step on the property ladder or your forever home, there are several extra costs that it can pay to be aware of.

You’ve likely already considered what size mortgage you can afford and the deposit that goes with it. These two sums may be the largest you’ll need to budget for – but your total bill won’t stop there.

Below we outline some of the other costs of buying a home to help you get realistic with your finances.


Stamp duty

Stamp duty is applied to any home worth over £125,000 and can be steep as you move up price brackets. The good news is that there’s currently a stamp duty holiday in place until March 31st 2021 – so you could make a serious saving if you move quickly.

The temporary exemption increased property sales by 21% in September according to government statistics.


Conveyancing describes the legal process of buying a property and is passed on to you in the form of legal fees and disbursements.

This covers matters including registering the property in your name and carrying out local authority searches to uncover issues such as listed building or conservation area restrictions.

The total cost of conveyancing varies depending on the value and type of property and the different local searches involved.


A survey

Booking a professional survey will tell you more about your chosen property’s condition. Costs can vary depending on the level of checks you ask for – but paying for a survey can help you avoid costly repairs in the long run.

It’s normal for older properties to need a few upgrades. A new boiler – and the boiler cover to go with it – is one common outlay for new residents.

Extra mortgage fees

Your mortgage agreement is likely to come with a few financial strings attached. Extras you may need to budget for include valuation surveys carried out by the lender, mortgage arrangement fees and broker fees.

Many mortgage brokers are fee-free however, so it’s best to shop around to avoid paying any more than you need to.

packing boxes


With furniture, appliances and all your other possessions, moving home can be no mean feat. You may have friends who are willing to share the heavy lifting, but if there’s a lot to move you’re likely to want to hire a removals company.

If there’s a gap between your move out and move in dates you could also need to think about renting a storage space.

There’s no doubt that moving home can become an expensive operation. But with better awareness of these costs upfront, you’ll be able to settle in without any nasty surprises.