Newspaper article The Journal (Newcastle, England)

The Costs of Home Ownership Are All Worth It in the End

Newspaper article The Journal (Newcastle, England)

The Costs of Home Ownership Are All Worth It in the End

Article excerpt

Byline: Jo Blakemore

STATE agents are reporting a rise in house sales, with more people eager to get on the property ladder.

EBut many of them have not given enough thought to the price of home ownership - and not just what the property costs. There are many hidden extras when it comes to buying a house, as a survey this week revealed.

From solicitors and surveyors to the cost of preparing your house to sell, storage and removal, not to mention the mortgage itself and various insurances, the expenses soon mount up. Storage company Safestore points out a few: Deposit - this is the amount of money you'll need to put towards the total cost of the property. Typically a deposit will form 5-20% of the total value of the property.

Estate agents - if you're selling a property, it pays to go with an estate agent as they provide a suggested selling price, photographs of the property, listing the property in branch and online and a for sale board. On average, this works out at around 1.8% of the final sale price.

Solicitors - when you find your dream home, it's time to get a solicitor to carry out all the legal work. Their fees typically total up to PS1,500 including VAT at 20%.

Mortgage fees - many charges relate to the management and set-up of a mortgage, including booking fee and arrangement fee. Expect to pay around PS2,300.

Searches - solicitors also carry out local searches costing between PS250 and PS300. These searches check the local area for any defects, local area planning or environmental issues that may affect the property.

Surveys - there are three types of survey that homeowners can purchase, ranging from around PS250 to PS600-plus. A home condition survey is the cheapest and covers basic structural checks. It is often chosen by people purchasing newbuild properties which are still covered by their 10-year NHBC Buildmark warrant. …

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