How To Cut The Cost of Buying Your First Home

britonabudget July 23, 2018

how to cut the cost of buying your first home

Buying a home can be a daunting experience, especially if you are a first-time buyer. There are lots of costs involved so you need to save more than just a house deposit, because for a while it may seem like all you are doing is paying out expenses. You need to keep control of these expenses so that they cost you as little as possible. Here are a few examples of how you can cut the cost of buying your first home.

Check out the deals available to you

The first thing you need to do is check out the mortgage deals on offer. The easiest way to do this is to look at mortgages on a comparison site. This will break down every deal that you can take advantage of and you can then compare the best deals. Take your time and really ensure that you get the best price.

Some mortgage companies charge a fee just for processing your application, but that will show you on the mortgage comparison sites. Also, beware of how much they say they will give you a mortgage for. Just because a company says they will give you a £150,000 mortgage does not mean that you could comfortably afford it.

Go out of town for a solicitor

Solicitors with posh offices in city centres have to charge more to cover their higher overheads. Look for solicitors that are out of town instead and chances are you will save money while getting the same level of service. You may find specialist conveyancing solicitors in your locality, and they will cost you a lot less than one of the larger companies.

Surveys

There are four main types of surveys to choose from:

A valuation which is usually about £250
A RICS Condition Report which is about the same price
A Homebuyer Report will cost you in the region of £500
A Structural Survey will be around £750

Each one is more detailed than the one before and really it depends on the type of property and its age as to which one you need. If the house you are buying is just a few years old the valuation is probably enough. However, if the house you are considering is more than 100 years old, the mortgage lender may insist on a full structural survey.

That should not be a problem if it is the home of your dreams, but you need to be aware that you may have to lay out this extra money. Otherwise, look at newer properties to keep your survey costs down.

Complete as quick as you can

Once your deal has been agreed you need to get it completed as fast as you can. This is to avoid someone else making a higher offer before you have signed the dotted line. If that happens, the seller could insist on you paying more if you still want to buy their home.

Don’t use cowboy removers

Once everything is signed and sealed and you are ready to move it, it can be very tempting to just find the cheapest removal firm that you can. This really can be a false economy because often if you use a man with a van your goods are not insured if anything gets damaged. Use a reputable company that is a member of the British Association of Removers. Then it is guaranteed that your goods will be safe, and if not at least they will be insured.

I hope this blog post has helped you to save some money when buying your first home and good luck! Let me know your thoughts in the comments below or tweet me @BritOnABudget1!