Saturday, 19 December 2015

Being A First Time Buyer

I'm very pleased to say I'm almost at the end of my house buying journey and after what feels like forever I should get my move date Monday morning. I knew buying a house was expensive but just how expensive is it?

First Time Buyers

If you've ever dreamed of owning your own home, you know just how expensive and hard it is. With house prices raising rapidly, owning your own home seems to be a dream for most of us!

My purchase has taken over 6 months to go through with the average time being around 3 months but it can take up to a year. That's an average of 3 months, filling out paperwork, chasing estate agents and just wanting it to be over.

Having a deposit is your first step to getting onto the property ladder, the bigger the deposit the better. The bigger the deposit the better interest rate your going to be offered and the less money you'll owe the bank. Some lenders won't even accept deposits under 15% of the purchase price if your buying a flat, so shopping round really does make a difference.

Celebrating you've got your Mortgage offer? Don't count your chickens too quickly. If the bank don't think the property is worth the amount your paying, they won't lend you the money.

Surveyors fees. Not only do you need a good deposit (aim for at least 10%) but you have a ton of fees on top. You can get different levels of surveys done on a property, ranging from just a valuation to a full structural report and the price increases accordingly. I had a middle of the range survey which set me back just over £1000.

Solicitors fees. Basically, they solicitors make up a language that no one else can understand and then charge you a small fortune to let you know what it means. Oh and there is so much paperwork it's unreal. My solicitor fees are coming out at around £2500 but again this can vary depending on the property and paperwork needed.

Stamp duty is a total and utter bitch. Not only have you saved up and worked so hard for that deposit but the government then go, thanks I'll have ££££ please.
My stamp duty is just over £8000, so before I've even set foot in my house I've paid out £11,5000, not including my deposit.

There are government schemes in place but don't forget even if they help you with a deposit you still have a bundle of fees to pay.

It's been a very hard and expensive road and I can't wait for the day I get my keys. So has the cost and stress been worth it? Yes. If it is a dream of yours, don't give up, you will get there in the end!

Until next time,


1 comment

  1. It is so tough with all the fees! No wonder it is so hard to buy in the UK at the moment. I'm not planning on buying anytime soon but am still starting to save anyway!

    Jasmin Charlotte x


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