Buying a new home is exciting, but when you’re working out what you can afford, it’s important to look beyond the purchase price.
For buyers and movers across North London, where property prices and moving costs can vary considerably from one area to another, understanding the full cost of your move from the outset can help you plan with greater confidence.
So, what should you consider when setting your moving budget?
Your deposit
Your deposit is likely to be one of your biggest upfront costs. The amount you’ll need will depend on your circumstances, the property you’re buying and the mortgage options available to you. With property values varying across North London, it’s worth establishing your likely budget and borrowing position before getting too far into your property search.
Stamp Duty
Depending on the value of the property you’re buying and your circumstances, you may need to pay Stamp Duty Land Tax. This can represent a significant additional expense, so understanding your potential liability early can help you build a more realistic overall moving budget.
Solicitor and conveyancing fees
You’ll usually need a solicitor or conveyancer to handle the legal work involved in buying your property.
Costs can vary, so make sure these are included when calculating how much you need to set aside.
Surveys and valuations
Depending on the property you’re considering, you may choose to have a survey carried out to identify potential issues before committing to the purchase. Your mortgage lender may also require a valuation as part of the mortgage process.
Mortgage-related costs
Some mortgage products can include arrangement, booking or valuation fees. When comparing mortgages, it’s therefore important to consider the overall cost of a deal rather than focusing solely on the headline interest rate.
The move itself
Removal companies, storage, cleaning and other moving-day expenses can quickly add up.
Then there are the costs that come once you’ve moved in – from furniture and decorating to
utilities, insurance and ongoing maintenance.
Planning a move in North London?
Understanding what you may be able to borrow and the wider costs involved can give you a clearer idea of your overall budget before you start making offers.
Based in Palmers Green, North London, Thomas Anthony @ JLM can help you understand your mortgage options and guide you through the process, whether you’re buying your first home, moving locally or looking further afield.
Thinking about your next move? Get in touch to start the conversation.
020 8886 5500 | enquiries@thomasanthony.com
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY LOANS SECURED AGAINST IT.