It's not as easy as get a mortgage, grab the keys and, bish bash bosh, you're in. Buying a home's almost guaranteed to cost more than you think. Here's what to factor in.

• Mortgage arrangement fee - Expect to pay your lender an arrangement fee. They vary but £1,000 is typical. In some cases this is non-refundable, even if the purchase falls through.
• Valuation fee - This is the fee lenders charge for a valuation to check the property exists and that it also offers sufficient security for the loan. The cost varies according to lender and purchase price, but budget for £300.
• Legal fees - Many lenders will contribute to legal fees, although in that case you would have to use a solicitor approved by them. If you pay for your own conveyancing, you're looking at about £500-£800, depending on purchase price.
• Stamp duty - Buy a property for more than £125,000 and you'll have to pay stamp duty land tax on its purchase price.
• Surveys - These are another costly aspect to any purchase, with a typical survey costing £400 to £700. Many people pay for surveys on purchases that fall through, so budget for two or three.
• Removal costs - Unless you can pile your belongings into the back of a car, factor in a removal van. These start at £100 for small local moves, but can easily run to £1,000 for shifting a family's worldly goods long distances.
• Home repairs - From flaky paintwork to leaky sinks, put aside some cash for unexpected property maintenance. As MoneySaver Delphinum says: “If it's an old house, expect Frank Spencer to have done every piece of DIY work. Expect to undo everything and do 10 other things you didn't expect to do before you start a job."
• Furniture and extras - Currently renting a furnished place? Remember you'll need to buy everything from beds and sofas to lawnmowers and carpets.
  Then there are the boring but essential extras: light bulbs, lamp shades, toilet brush, washing up bowl, door mats, hooks and extension leads.

 

Money Saving Expert.com 15/08/2017