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Coming up with your budget

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  • Coming up with your budget

    I am new to the whole buying a house and was wondering if you had any guidelines or suggestions on how to properly calculate a budget for your first home.

    Thanks,

    Magan

  • #2
    For your first home? Well, here are a few suggested starter costs:

    1. Price of house
    2. Stamp duty payable on house (if applicable)
    3. Fees/commissions payable to Estate Agency
    4. Legal fees where applicable (Land Registry, etc)
    5. Survey fees
    6. Removal/Moving costs

    When I moved last year, I think the total costs on top of the property asking price came to around 2-3% of the property price, PLUS we had justed moved out of rental but had to pay an extra month of rent and 2 months council tax on the rented property, on top of everything else.

    So definitely over-budget for a property purchase, and all the various costs that come with it!

    Hope that helps.

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