The Cost of Buying a Leicester Home
You can trust the Keywest team to help you take the first steps on the property ladder by giving you access to some of the best first-time-buyer property options available in Leicester, but one of the first decisions you will have to make is how much you want to spend.
This is a fundamental decision that you need to make at the start of your Leicester property search and one which you must be sensible about. It can be tempting to let your heart carry you away on a path to financial difficulties, but considering how much you can realistically afford to spend will ensure you can enjoy a happy and secure future in your new Leicester home.
Key to this is considering all of the different costs associated with moving house. Knowing what you will need to spend money on, aside from the actual cost of the property, will ensure you set a realistic budget that can make sure you can enjoy a worry-free life when you move into your new Leicester house, bungalow or apartment.
Mortgage Arrangement Fee
You should expect to pay an average of £1,000 to your lender for arranging your mortgage. You should also check if this is refundable if your purchase falls through, as some fees are not.
This is a fee charged by lenders for checking that your prospective property is real and that it offers enough security for your loan. It is best to budget around £300 to pay for this, although the actual cost will vary depending on the purchase price and the lender you choose.
Some lenders will pay towards legal fees, although this means using an approved solicitor. If you choose to pay the total conveyancing bill yourself, budget for paying out between £500 and £800. The exact cost will depend on how much you are paying for the property.
Stamp Duty and Surveys
You will have to pay stamp duty on a property worth over £125,000, and you will also have to pay for surveys. An average survey costs between £400 and £700.
Even a small van can cost you £100 in moving costs, while you could be facing a bill of £1,000 or more for emptying and moving the contents of a family home across long distances.
Make sure you have some money set aside to pay for any unexpected property maintenance when you move into your new home, such as repairing a leaky sink or redecorating some rooms.
Furniture and Extras
If you are planning to move to a bigger property or you have previously been living in a furnished home, you need to factor in the finances to buy the furniture and accessories you need. Don’t forget essentials such as a lawnmower, hedge trimmer, lamp shades, door mats and extension leads.
Once you’ve decided on your budget, let Keywest help you to find the Leicester property of your dreams. Get in touch today to find out more about what we can do for you, call us at our office at Hinckley Road 01162 544 555, or Queens Road 01162 544 543.