If you’re a first-time buyer, purchasing a house can feel overwhelming. Not only is there a deposit and a mortgage to save up for, there are a whole load of other expenses you might not initially consider.
We’re here to help you gain a better understanding of how much it really costs to buy a house, breaking down every aspect – from the legal stuff to the finishing touches – bit by bit. And while new buyers are aware of major costs, which, on average, add up to between £26,542.50 – £29,042.50, there’s a lot more you might need to put money aside for.
Bear in mind, we’re basing this all on the average cost of a house in the UK, which is £226,185 according to the HM Land Registry. If your potential new home is more, or less, than this, be aware that some costs may change slightly.
The unavoidable fees
There are some fees everyone has to pay before they even step foot inside their new home. Naturally, deposits are the biggest upfront cost, coming in at 10% of the house’s value. Based on the average price of a house in the UK, this comes to around £22,619.
Arranging your mortgage isn’t free either, and the maximum you can expect to pay will be £2,500. According to the Money Advice Service, it’s best to pay mortgage fees upfront rather than add them to your actual mortgage. Otherwise, you’ll be paying unnecessary interest on them!
Don’t forget about the valuation fee (ranging from £150 to £1,500), your surveyor’s fee (costing around £250 for a basic survey) and solicitor’s fees too, which cost up to £1,500 for the average UK home.
After you’ve moved in, you’ll also be required to pay Stamp Duty. Add £2,024 to your total – but don’t worry, this is a one-time payment.
Renovations and refreshing décor
No home is guaranteed to be perfect, and many first-time buyers will want to carry out some renovations first. Below, you’ll find the most popular renovations new homeowners face, to check everything is in working order and to achieve your desired interior style:
- Kitchen: £841
- Bathroom: £523
- Windows: £673
- Doors: £246
- Carpet/Flooring: £699
- Lighting fixtures: £205
- Burglar alarm: £126
You’re unlikely to have enough furniture to fill an entire house when you move in, especially if you’ve been renting. We’ve calculated the basic essentials you will need, breaking it down room by room…
For the bedroom, or bedrooms, you’ll need somewhere to sleep. Beds, on average, cost new homebuyers £381, while wardrobes are £314.
Your lounge will need a couple of cosy sofas, which can set you back £669, if you decide to pick-up high-quality pieces that will be around for many years to come. Don’t forget about a TV either – you might want more than one in your home – and this’ll cost £380 on average.
Kitchen and dining room
As for a kitchen and dining room, you’ll need to save over £1,000 if new appliances are required. A new fridge freezer, cooker, washing machine and dryer all add up to £1,003, based on average prices, while a new dining table and chairs tend to cost £308.
Of course, every home is different. In our recent survey, we asked participants how much they spent on any renovations, maintenance and furniture that we haven’t already mentioned, and the average amount spent came out at £3,543. You might have an office to decorate, a conservatory to furnish or even a garden you’d love to tend to in time for summer – whatever it is, make sure you assess your new home and note down any extra expenses so you’re fully prepared!
Sprucing things up
Don’t forget about the smaller items too, that help a home feel like a home. To keep things nice and cosy, and to ensure your home feels private, you’ll need new curtains and/or blinds to fit your windows – on average, this costs £360 to dress an entire house.
Put aside some money for miscellaneous furniture you’d like to buy as well, which includes anything, from a new dressing table or coffee table to a new piece of art. We’ve discovered the average household will part with £467 on finishing touches like these, adding plenty of character into the home!
After all of that, you should have a home that’s completely yours, and ready to move into! Your grand total for all those extras? You’re looking at around £11,000 – on top of those initial unavoidable fees.
While a new home can be expensive, you don’t have to do everything at once. As long as its habitable, comfortable and you’re happy to move in, you can spread costs across a few years. First-time buyers should always look out for great deals on appliances and large expenses, and when it comes to furniture you can find wonderful pieces at great prices at Furniture Choice!