5 Hidden Costs of Buying a Home (And How to Budget for Them)
Buying a home is a major milestone for anyone, whether you're a first-time buyer or a seasoned investor. While most people focus on the down payment and monthly mortgage installments, there are several hidden costs that often go unnoticed until it’s too late. Being financially prepared means accounting for all expenses—visible and hidden. This guide breaks down five commonly overlooked costs of purchasing a home and offers smart budgeting tips so you’re not caught off guard. Legal and Conveyancing Fees One of the first hidden expenses homebuyers face is the cost of legal services. To transfer property ownership, you’ll need a solicitor or licensed conveyancer. These professionals handle essential tasks such as reviewing the contract, performing local authority searches, and handling payments during the final stages of the transaction. The fees vary depending on the property value, location, and complexity of the deal, but they typically range between £850 to £1,500. Some buyers m...