Buying a home is one of the most exciting and significant financial decisions you’ll ever make. While saving up for your deposit and the price tag on your dream property is often the primary focus, there are numerous additional costs that can catch buyers off guard. To help you navigate the process with confidence, we’ve outlined the most common hidden costs of buying a home.

Stamp Duty Land Tax (SDLT) is a tax that applies to most property purchases in the UK. The amount you’ll pay depends on the property price, with first-time buyers often benefiting from reduced rates. Be sure to factor this into your budget to avoid surprises.

Solicitors or licensed conveyancers handle the legal side of property transactions. Their fees can vary depending on the complexity of the purchase. Expect to pay between £800 and £2,000, including VAT.

Lenders often charge arrangement fees, valuation fees, and administrative costs. Some fees can be added to your mortgage, but doing so means paying interest on them. Ensure you understand all the terms before signing on the dotted line.

A property survey is essential to identify any structural issues. Depending on the type of survey you choose, fees typically range from £400 to £1,500. While it may seem like an extra expense, it can save you thousands in the long run.

From hiring a removal company to renting a van, moving day expenses can add up quickly. For long-distance moves or large properties, professional movers can charge upwards of £1,000.

You’ll need buildings insurance to protect your new home, and many lenders require proof before completion. You may also want to consider contents insurance for your belongings.

After moving in, you’ll need to set up utilities like gas, electricity, water, and broadband. Don’t forget council tax, which varies depending on your property’s valuation band.

Even with a thorough survey, unexpected repairs can arise. It’s wise to have a financial cushion for minor fixes or major renovations.

There will also be the cost of the Estate Agent to consider. The fee is usually a % of the sale value of your home. Estate agent fees can differ from company to company and whilst its tempting to go with the cheapest fee make sure you are checking reviews and what is included when marketing your home. Often you get the service you pay for and it could save you time, and money in the long run! Remember your home is one of your biggest assets and its important to make sure you're working with an agent who will work with you and provide the best possible service.

While these hidden costs may seem daunting, budgeting ahead and seeking expert advice can make all the difference. Working with a trusted Estate Agent like RedRoots and a trusted Mortgage Adviser will help ensure you're prepared for every step of the journey. If you have any other questions on what to expect and hidden costs when buying a house, get in touch with our team today for expert guidance and support or drop us a WhatsApp below 👇🏼