Now, I’m sure most people are aware of the main costs associated with buying a house or flat. I’m sure if asked most of us would say things like, legal fees, estate agents fees, surveys, searches and if your property reaches the threshold, and most properties in the capital will do stamp duty. While the costs highlighted above are probably the things that immediately spring to mind there are lots of hidden extras that you may not normally budget for.
So, you have identified the property you want, got your deposit together, appointed a solicitor and are waiting for the searches and surveys to be done. This is the time to consider what other things you need to factor in to prevent your budget spiralling out of control. We thought we would have a look at some costs you may not naturally consider to be part of buying your new home, but which should always be taken into account when you are setting your budget.
While there are several mandatory surveys required when you buy any property a drain survey is not one of them. However, we would always advise that homebuyers employ the services of a professional and reliable drainage company in London to carry out a CCTV Drain Survey on your prospective new property. The last thing you need when buying a new home is any unexpected expense and if the property you are buying has any type of unexpected drainage damage it can prove very costly. By undertaking a CCTV drain survey you can get a complete overview of the condition of the drains before completing your purchase. If the survey highlights any issues you can use the report as a negotiating tool to either get the repairs completed before you exchange, or get the price reduced to take into account any remedial work that is required. If the report gives your new home a clean bill of health that will give you peace of mind that the drains in your property are functioning perfectly.
You should always factor the cost of hiring a professional removals company into your overall budget, that is unless you are considering moving your belongings yourself. Most reliable removal companies will give you a detailed review quote up front for moving all your belongings. Most professional removals companies will provide all the packaging materials you are likely to need to ensure your treasured possessions will arrive at your new home safe and sound. Be sure that you outline all your requirements when speaking to your chosen removers that way you can accurately put the costs into your budget plan. If you are unsure about whom to choose always look for reviews online or try and get recommendations. If more than one company is recommended to your get quotes off them all to see who offers the best value for money, remember anything you save can be spent on luxuries for your new house or flat.
Many people forget to include home insurance in their budget when buying a house, however this is a vital part of homing your own home. There are two different types of home insurance buildings insurance which will cover the structure of your property and the cost of repairing any damage that may occur. It is important that when you take out your buildings insurance the value covers the full cost of rebuilding your home. If you have a mortgage then your lender will insist on you having buildings insurance as a condition of your mortgage agreement. Along with buildings insurance you should also ensure you have contents insurance as this will protect all your belongings against damage, loss or theft. When buying a new property make sure that you include any insurance premiums in your budget as while it may seem an inconsiderable amount in relation to the cost of your property it is part of the overall costs.
One of the things that you need to budget for when buying a new home is the cost of having your mail redirected. This is a service that you can sign up for through the post office, and it will ensure that all of your mail gets sent to your new address. The cost of this service will vary depending on how long you need it for, but it is typically around £5.75 a month. With the increase in identity theft and fraud it is important that you ensure that important documents don’t fall into the hands of unscrupulous people. All that fraudsters need are a few pieces of mail, and they can open bank accounts, get a passport or driving licence. You can redirect your mail for any period however we would always advise that you redirect your mail for at least 12 months as it is better to be safe than sorry.
So, in conclusion when buying a new property make sure you sit down and plan your budget properly and take everything into account. That way you can ensure that you have no financial issues going forward.