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Wednesday 23 March 2022

5 costs to buying a house in Sheffield

 The costs involved in buying a house in Sheffield

Buying a house is likely to be one of the biggest decisions and investments you'll ever make in your life. It's also likely to be the most expensive decision too. The cost of buying a house is skyrocketing at the moment but that doesn't need to be scary, you just need a plan of action and to start moving forward. I bought my house on a shared ownership basis to get on the property ladder and it means I can buy more shares later down the line when I have more stability. Check out the costs associated with buying a house below

Cost to buying a house

Mortgage in Principle

Before you get started looking at the cost of buying a house in Sheffield you need to work out how much you can afford for a mortgage and get a mortgage in principle agreed. If you're a first-time buyer there's a complete guide to getting a mortgage available to help you on your way Using a mortgage calculator can help you understand just how much you might need each month depending on the cost of the house you'd like to buy. 
Costs: Average is currently £723 across the UK but is significantly lower in Sheffield / North of England


Once you have a better understanding of the mortgage you'd be allowed and the cost you'd be bearing each month it's time to look at the deposit. You generally need around 10% of the property value in a deposit so the cost will completely differ depending on the value of the house. My advice is not to go too big too soon, while it's exciting to think about buying a huge house you need to consider if a smaller property is a better first step. It's also worth looking into Help to Buy schemes which can give your deposit a boost 
Costs: 10% of the property value minimum - plan for anywhere from £10k - £30k

Solicitor fees

Once you've identified the house you want to buy and started the process you would need to instruct a solicitor to make the purchase on your behalf. Conveyancing fees can reach up to £1500, you will then also need to pay for house searches and land registry. It's important you budget for the solicitor fees and I suggest overestimating so you're prepared for any surprises. 
Costs: Average £2500 for conveyancing, searches and land registry

Stamp Duty

Depending on where you're buying in the country and the size of the house you're looking for depends on if stamp duty will be a cost you need to consider. If you're a first time buyer and the property is under £300k you don't have to pay any stamp duty. If the property is over £300k then you pay 5% of the value over that in fees.
Costs: Dependent on house value

Moving costs

Lets assume you've bought the house, completed the purchase and got the keys - congratulations! You've probably paid out a lot of money upfront and now is time to get into the monthly payments, but first don't forget actually moving in. Depending on how much stuff you need to move you may have to hire a moving van or even buy items to furnish your home. My advice on this is utilise friends and family if you can and furnish slowly. When I bought my home I lived upstairs in the bedroom for the first few months until I could furnish the living room and buy the sofa I wanted. It's not a race and you've got plenty of time to make your house perfect.
Costs: I'd budget around £1000 to cover furniture and initial utility costs to get you going

As you can see buying a house isn't cheap nor easy but it's a huge life goal and an excellent investment as prices are always rising. Once you have the home if your circumstances change you can always look at overpayment calculators to decrease your mortgage term.

It may seem daunting but the first step is starting to save a solid deposit and looking into what mortgage types would suit you best

Have you bought your house or would you like to?
Costs to buying a house

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