{"id":6098796,"date":"2023-07-12T09:07:43","date_gmt":"2023-07-12T08:07:43","guid":{"rendered":"https:\/\/www.buyassociationgroup.com\/en-gb\/?p=6094955"},"modified":"2023-07-12T09:07:43","modified_gmt":"2023-07-12T08:07:43","slug":"buying-property-costs","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-hk\/2023\/07\/12\/buying-property-costs\/","title":{"rendered":"Knowledge is power: what’s the true cost of buying a property?"},"content":{"rendered":"
When it comes to buying a property, whether as an investor or a homeowner, getting your budget and finances in order is crucial to ensure you don’t hit any bumps in the road.\u00a0<\/strong><\/p>\n Anyone who has purchased property in the UK<\/a> in the past will be aware that there are a range of additional costs involved on top of the initial purchase price. These all need to be taken into account when working out your budget at the outset.<\/p>\n With new research from The Mortgage Lender<\/a> revealing that huge numbers of first-time buyers are unaware of many of these extra expenses, the importance of being armed with as much knowledge and insight as possible before investing in property is highlighted further.<\/p>\n What’s more, the study found that 14% of people who were not aware of these additional costs had to put their purchase plans on hold, while 14% had to rely on family members to foot the unexpected bill. Others took out a separate loan (11%), looked for a cheaper property (11%), or decided against buying at all (7%).<\/p>\n Once you’ve decided on your budget for the actual property, depending on your income, deposit amount and what mortgage you can secure<\/a>, you next need to think about anything else that will need to be paid as part of the purchase.<\/p>\n The Mortgage Lender’s survey revealed a total of nine additional fees and taxes that large numbers of first-time buyers either weren’t aware of at all, or did not factor into their budget, as well as two extra expenses that only apply to Wales and Scotland:<\/p>\nWhat are the additional property buying costs?<\/h4>\n