Coming up with your budget

[Magan]

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

[brian]

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.