Page 36 - West Dorset Living Dec:Jan 2019
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The Price Isn’t Right – Find Out How Much It Really Costs To Get On The Property Ladder
Buying a house can be an expensive affair – that’s common knowledge. But it’s still very easy to underestimate just how much goes into it. Deposits, mortgage payments, and estate agent fees are obvious, but have you considered house surveys, packing materials, or even just fixing cracks? Those alone could cost you up to nearly £1,500 – and along with other additional fees, can represent 40% of the total upfront cost.
These insights come from a new study by finance experts TotallyMoney into the real costs of buying a home. The interactive tool allows the user to list their house price, desired location, and the number of bedrooms, and select potential costs involved in moving, before seeing how much the whole buying and moving process will cost them.
Some costs, though unexpected, won’t put too much of a strain on your wallet. Others, on the other hand, can be a nasty surprise. Have you considered:
• Stamp duty land tax – Stamp duty isn’t
a problem for everyone as homes under £125,000 won’t incur it, and prices up to £500,000 for first-time buyers will be reduced or negated. But if you’re buying a more expensive home, or not your first, it can cost tens of thousands of pounds.
• Fixing leaks, cracks, and rewiring electrics
– Small faults with a property are easy to overlook when you’re buying it. But once you’re in, it’s natural to want to bring the place up to scratch – but with average costs of £120 and £60 for leaks and cracks, and as much as £2,750 for rewiring electrics, it can be a real shock to your bank balance.
• Homebuyer’s report – Even if you don’t want a full building survey, a homebuyer’s report can identify a lot of potential issues with a property – but it’ll still put you out a massive £786 on average.
• Solicitor costs – When buying your home with the aid of a solicitor, their costs can reach between £850 and £1,500 - a sizeable fee to pay as you enter your new property.
The research also discovered the best time of year to buy your property. In general, property costs increase throughout the year, meaning it’s better to buy sooner rather than later. This is particularly true at the start of the year, as prices increase dramatically each month from April through to August, with the average increase in April being about £2,380.
But if you’re looking to buy in August, you might be better off waiting until October – on average, property prices drop by about £80 in September, and then a further £240 in October. It’s not a significant change when compared with the hundreds of thousands that go into a property, but it can offset some of the costs of moving in and setting up.
Whether you’re moving or improving, the New Year tends to herald some changes on the home front. We look at some easy updates, kitchen trends and the REAL cost of moving
HM Construction give us some sound advice on choosing cladding for the home.
It isn’t exactly something that many of us pay attention too or think about that often, but the idea of putting cladding on your home should be a rather big consideration when designing your home or redeveloping. The versatile nature of cladding means that the number of materials that can be used is very extensive. This allows for the more creative of us to have that little bit more freedom and not have to worry about cost too much!
Showcasing your new timber-frame home with a stylish surface finish will add to the wow factor of the building due to the huge range of materials. Whether you want a shiny, metallic look, or a classic wood finish there is something that will suit all needs. Prior to making a decision, do check the requirements of your local planners!
Cladding isn’t just a pretty face. All types will protect your home from the outdoors, but some have better properties than others. We would always advise getting advice on what will suit your home best, along with what material would suit your needs.

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