Some of the costs involved in buying and moving are obvious and some are not. You’ll be paying for things at different times throughout your homebuying journey. To help you get your finances ready, here’s our guide to what type of costs you’ll pay, how much they might be and when you’ll pay them.
The cost of buying and moving
1
The upfront costs
You’ll usually need a deposit of at least 20% of your new home’s value unless you’re buying with Help to Buy. Stamp duty is a government tax you have to pay when you’re buying a home, the amount you pay varies depending on whether you’re a first time buyer or have bought before, and the value of the home you’re buying. If the home you’re buying is below the stamp duty threshold, you won’t have to pay it.
2
The moving costs
The cost of packing and storage can add up and it’s worth budgeting a little extra for this. Especially if you’ll need to put any belongings into storage for a time. You could save on removal costs if you know any family or friends with a van. Otherwise, you’ll either need to hire a van yourself or hire a removal firm to move everything for you. Prices vary depending on how much you’re moving and who you go with, but you could pay between £100 and £1,000
3
The ongoing costs
You’ll make your first mortgage payment in the month after you get the mortgage. If you get your mortgage in July, your first payment will be in August. As well as your mortgage payments, other regular costs include council tax, water, gas, electricity and insurance. If you haven’t paid any or all of these before, you’ll want to budget for these costs. And if you are used to paying these, the amounts may be more or less than you paid previously.
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