
Buying your first home can be exciting and at the same time very
daunting. There are many things to consider. First of all it would be a good
idea to create a spread sheet to add up all the costs. Next start to do your
research, buying a house needs lots of consideration and creating a budget to
check the finances is very important.
What are the main things to consider?
Mortgage arrangement fee
Look for a mortgage lender that will be willing to lend you
the money. You will need to have proof of documentation such as payslips,
credit checks and references too. There will be a mortgage fee which you will
have to budget for.
Valuation fee
You will need to pay the lender a fee to carry out a
valuation for the property. There is a charge for this which you will need to set
aside. This cost will vary depending on the purchase price.
Legal fees
You will need to appoint a solicitor to work on your behalf and
you will also need to include conveyancing fees.
Stamp duty
This is the fee that a buyer has to pay if the property is
more than £125.00 and it is to cover the land tax and the stamp duty. There is
no stamp duty payable for first time buyers for the first 300,000 pounds on any
home costing up to 500.000 pounds.
Survey charges
You need to get the property that you are planning on buying
surveyed to ensure that it is sound and there are no major structural problems
with it. You will have to pay this fee for each property you are considering to
buy, in case a sale falls through.
Removal Costs
You will need to pay removal fees so budget for this expense too. You will need to roughly estimate how much luggage you have and then check with removal company for an estimate. This depends on the amount of items you have that needs to be moved. Removal companies also offer a packing and unpacking services at additional costs.Make sure you budget in prices for boxes, crates, tissue paper, brown paper, string, brown tape and bubble wrap.

Home repairs
Wiring - get an electrician to check that the wiring is
sound and safe.
Plumbing - check for dripping taps, flow and water pressure.
Heating - have the boiler serviced to ensure it’s in good
working order.
New kitchen installation - you can get estimates to have a
kitchen fully fitted or just give it a makeover by just changing cupboard doors
and giving it a coat of paint.
Building bedroom furniture- you can do this your self or appoint specialists to do this.
Check List
You will need to list all the renovations that are needed
and put them in order of urgency to action.
Check the quality of the decorations such as painting/wall
papering and if they need immediate action or are they something you can live
with and can change in due time.
Carpets or flooring- You will need to decide if the floors
are in good condition. Some types of flooring to consider are tiled floors and wooden
floors, such as hard wood and parquet
laminate flooring. They are a good investment, and they are easy to
maintain, hard wearing and great for any type of floor space.
Parquet Laminate flooring is a type of wood flooring made
from small blocks or strips of wood which are laid to create a regular and
geometric pattern. Parquet flooring can be made from oak, walnut, cherry,
lime, pine and maple. It is laid in regular and geometric, angular shapes. You
will see squares, triangles and lozenges featuring strongly in traditional
parquet flooring. These can be very stylish and can really enhance the floor
space in any room.
Furniture and extras
You will need to make a list of all furniture that you will
need and prioritise them into as what is needed foremost.
- Dining table and Chairs
- Wardrobes
- Storage
You can get second hand furniture to keep you going in the
interim, or ask family and friends if they have items they are replacing and no
longer need. Think of up cycling old furniture to save costs. Check out some great ideas to furnish a new home on a budget.
Once you have looked into all these factors and created your
spread sheet for the budget you will need, you can start to save up the
deposit for your optimum property.
Are you a home owner or are you thinking of purchasing your own home? Do share your tips in the comments below of any other useful
suggestions.
** Collaborative post