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Buying a property? How you can save on the costs

Buying a home can be an exciting, if slightly daunting experience, which can come with considerable costs.

Whether you are buying your first home or moving up the ladder, any savings during the homebuying process can help you to pay off future mortgage repayments or can be spent on doing up your new property.

For those planning to move, there are a number of ways to make sure the big event is cost-effective and goes smoothly.

Minimising the costs

There are many costs to consider when buying a home including arrangement fees, which the lender may charge for the mortgage product. It’s a competitive market so shop around for the best deal.

More relief on Stamp Duty Land Tax or stamp duty

Some good news for buyers is that recent Government legislation has increased the threshold at which you pay stamp duty. This means properties up to a value of £250,000 are exempt from the duty. It’s even better for first-time buyers with properties up to a value of £450,000 exempt from duty.

Homebuyers surveys

A decent survey can save you a fortune in the future and help you avoid expensive surprises after you have moved in. There are different levels of property surveys you can choose before you buy. It is money well spent.

Legal fees

Factor in the cost of paying a solicitor’s conveyancing costs. These can vary depending on the price of the property, but an experienced property professional will help the move go smoothly and offer peace of mind.

Repairs and maintenance

Set aside a budget if you are moving into an older house the chances are that redecoration will be needed, bathroom suites upgraded and new kitchens necessary, but this could be part of the property price negotiation.

Looking for advice on buying or selling a home? Contact us today.