It’s been a while and I am back!!
About 5 years ago, I started the search for a home and in August 2022, I became a first time homeowner.
What has a year of being a homeowner taught me? In this series, I will be sharing more of my journey towards homeownership which you must have read about in my other blogs.
Today, I will share some figures. It is important that we share such information to help others who are also walking through processes we already have.
House was listed on Rightmove by Purplebricks Estate Agents. I do not recall seeing the listing on Zoopla or other portals. And I was definitely searching every other portal so if it was posted, I may have missed it.
Always worth checking other portals for listings. In the past, I have seen adverts on one and not others.
Prause Life Tip
| Item | Cost |
| List Price (Offers Over) | £325,000.00 |
| Purchase Price | £315,000.00 |
| Deposit | £63,000.00 |
| Valuation Fees | £0.00 |
| Survey Fees | £525.00 |
| Mortgage Fees | £490.00 |
| Home Buyer Insurance | £63.00 |
| Conveyancing Fees inc Searches | £2,275.91 |
| SDLT (Stamp Duty | £750.00 |
| Total | £67,103.91 |
Homebuyer’s Insurance – Despite not wanting to spend this money, I did for peace of mind. Although, I must say the exclusions are quite onerous. I did sign up should the vendor pull out of the property before completion. I could at least recoup most of what I had spent so far even if I wouldn’t get my time back.
Survey Fees – I used a company called Carpenter Surveyors based in the Midlands. Booked and undertook survey but I realised that I had more questions than answers after the survey and was not satisfied with his responses so had to speak to some of my colleagues at work. Also, later found out some info within the report was incorrect and have to pay to rectify. NB: I work with construction and engineering professionals.
Praus Life TipA total in excess of £4,000 for purchasing a home. Four Thousand Pounds!! 😦 Do not just save a deposit. Save for the purchase costs/fees as well.
Prior to him attending the survey, I had created a list of items I needed checking whilst he was there. All said and done, they seem to have good customer service and my experience may be because he was swamped due to the impending stamp duty holiday at the time.
Do note: whilst you are attending viewings, keep a list of all items you are not sure about and share these with the Surveyor. You will need ‘professional’ input on it to help make an informed decision.
Mortgage Fees – charged by most banks as arrangement fee or to secure the rate. My mortgage is with First Direct. I chose to go directly to a bank than a mortgage broker. At the time of taking out my mortgage, every broker I spoke to did not have the deal I had.
However, for your particular circumstance, I would suggest, you do your own research and then also speak to a broker. Do note that some brokers will charge you either for initial consultation and/or the product or nothing at all.
SDLT – SDLT is Stamp Duty and Land Tax. This is tax payable on all house purchases over a certain price in the UK. Currently, in England, first time home buyers do not pay Stamp Duty on properties at £300,000 and below.
If you need any more info on anything I have shared here, pls email me.
In the next blog, I will share a breakdown of my solicitor fees.
The link in this blog post are currently not affiliate links; I am only sharing for information. All information here is also my personal experience and you will have to do your own research.
Praus Life 