Mar 01, 2019
When it comes to the costs of buying a house, people tend to think of the typical things. Perhaps it’s decorative works, estate agent fees or hiring out vans and drivers to transport worldly possessions to the next home. It’s gotten to the stage where young people can’t even afford to buy homes anymore, even without the hidden costs sneaking in there.
Consequently, even if you’re thinking about buying a home, you should try to think past the usual costly suspects. While opening a current account with Think Money can make everything a bit easier, there’s still a lot of thinking to do to unearth those unexpected costs.
Therefore, here’s a few of those hidden costs when buying a home for you to consider.
The broader costs of moving are generally known to everyone who’s taking the plunge. Hiring removal vans is hardly a gobsmacking revelation, but nevertheless, there’re sneakier cost hidden within that process that might just surprise you. Have a keen eye and be perceptive, and you might just minimise the financial impact here.
For example, what’s often unaccounted for are the little things; numerous boxes, Sellotape, repeated car journeys and the fuel for them, temporary accommodation costs during the transition, etc. These costs can crop up at the most surprising of times! They start small enough but eventually tally up. When the revelation hits you, you’re mouth gets dry when you realise how much you’ve spent in total. Be aware of each expense, big or small!
Sometimes, you can move into a property that you fully believe is perfect for you. Perhaps your partner and any kids you have absolutely love it too? It has everything you need; lots of room, quality lighting, a big garden space, etc. Everything is going your way… until the roof falls in.
A structural survey is often an unexpected cost of buying a house, simply because not many people carry one out. It involves hiring a professional to assess the build quality of the property; are the walls strong and sturdy, is the ceiling and roofing in good condition? Minimise the sting of panging regret and get a structural survey when you decide you may well buy the house you’re viewing – not before or after.
Behind any big purchase, there’s a big hefty insurance package lurking somewhere. Take this rule of thumb into account in the property arena. If you can prepare for that kind of expense, the proceedings will be a lot less stress inducing.
In the case of buying and owning property, building insurance will be needed. It’s not legally required, but nevertheless, it’s still essential. It will pay for repair or rebuilds of the property in case major damage is incurred, and most mortgage lenders will insist you have it in return for their services. Your insurance will provide assurance for them! In the end, it protects everybody involved in the transaction on a financial level when buying property.