Buying a home is one of the most exciting milestones in life, but after making an offer, it’s essential to be prepared for the additional costs that can creep in.
These hidden expenses often catch buyers off-guard and, if not anticipated, could impact your overall budget.
Whether you’re working with Huntingdon estate agents or navigating the process independently, understanding these costs is key to a smooth property purchase.
As trusted property agents in Huntingdon, we at Belvoir are here to guide you through the process and ensure there are no unexpected surprises.
1. Survey costs
Once your offer is accepted, it’s highly recommended (and often required by mortgage lenders) to commission a survey.
Depending on the type and thoroughness of the survey – from a basic homebuyer report to a full structural survey – costs can range from a few hundred to over a thousand pounds. It’s an upfront cost that helps protect your investment.
2. Mortgage arrangement and valuation fees
While some mortgage products are fee-free, others come with arrangement fees, often added to your mortgage or paid upfront.
Valuation fees are also common, particularly when the lender needs to confirm the property’s value before approving your mortgage. Always factor these into your calculations when budgeting for your move.
3. Legal fees and disbursements
You’ll need a solicitor or licensed conveyancer to handle the legal aspects of buying a property. Legal fees typically range from £800 to £1,500 plus VAT.
Additionally, there are disbursements – smaller costs passed on by your solicitor – such as local authority searches, environmental searches, and land registration fees.
Choosing a reputable estate agency in Huntingdon can make the conveyancing process feel much more manageable, especially when they work closely with trusted legal professionals.
4. Stamp Duty Land Tax (SDLT)
Stamp Duty is a significant hidden cost that buyers must consider. Depending on the purchase price of your property and whether you are a first-time buyer, moving home, or investing, the amount owed can vary greatly.
Always use the latest government calculators to estimate your SDLT before making an offer.
5. Removal costs
Moving your belongings isn’t free – whether you hire a professional removal company or rent a van and move yourself.
Removal companies can cost anywhere from a few hundred to several thousand pounds, depending on the volume and distance. Make sure to compare quotes early to avoid last-minute stress.
6. Insurance
Before your mortgage completes, you’ll usually need buildings insurance in place. This protects your home against damages from risks like fire, flooding, or subsidence. You may also want to consider contents insurance at the same time.
For buyers working with top-rated estate agents in Huntingdon, it’s often easy to get recommendations for reliable insurance providers tailored to your new property.
7. Maintenance and repairs
Even with a satisfactory survey report, no home is perfect. Budgeting for unexpected repairs and maintenance is a smart move. Common issues include boiler servicing, minor plumbing repairs, or redecorating costs.
As local estate agents in Huntingdon, Belvoir often advises clients to set aside a contingency fund, so they’re not caught out once they move in.
8. Utility connection and council tax
Setting up your utilities – electricity, gas, broadband – may involve deposits, setup fees, or cancellation fees from your previous contracts. Additionally, don’t forget council tax, which varies based on your property’s valuation band and location.
9. Furnishing and decorating
While not essential straight away, furnishing and decorating your new home can add up quickly. From curtains to sofas to new appliances, these personal touches are worth planning for in advance.
10. Leasehold costs (if applicable)
If you’re buying a leasehold property, be aware of any ground rent and service charges. These recurring fees can significantly impact your annual housing budget.
At Belvoir, one of the best estate agents in Huntingdon, we always advise clients to carefully check the terms of lease agreements before committing.
Why work with Belvoir?
Partnering with an experienced team like Belvoir ensures you have the best advice throughout your home buying journey. Whether you are looking to sell my house in Huntingdon, get a home valuation in Huntingdon, or find your dream home, our expert team is here to help.
We also offer comprehensive Huntingdon property management services, making us your go-to letting agents in Huntingdon.
Looking for professional support? Visit Belvoir Huntingdon Estate Agents today.
