Six Things First-Time Buyers Need to Budget For

Six Things First-Time Buyers Need to Budget For
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Anyone who’s considering buying their first property will know that you’ve got to budget carefully in order to successfully make a purchase. Here are six key things first-time buyers should make sure they’ve budgeted for.

1. Deposit

The most obvious piece of budgeting for any potential first-time buyer is the need to get together a deposit. Banks usually require at least a 10% deposit for any property. The Help to Buy scheme is an exception to this, allowing you to purchase a property with a 5% deposit and a government loan.

2. Stamp Duty

Potential buyers should also ensure they’ve saved up enough money to cover stamp duty. Now may be a good time to buy; the government has suspended stamp duty on properties worth less than £500,000 in England and Northern Ireland until March 31st 2021.

3. Conveyancing

It’s vital to make sure you’ve had all necessary conveyancing work done before completing a house purchase. You’ll need to factor in the cost of any errors the conveyancing report has picked up, but you could use any faults to reduce the property cost. Few people do research into conveyancing until they’re considering purchasing a house, so you may be wondering – how do I find conveyancing solicitors near me? Thankfully, the internet contains lots of useful sites that will help you with finding a local conveyancing solicitor.

4. Moving In

Don’t forget to factor in the cost of moving your possessions from your old home to your new one. You can hire professional movers or save money by hiring a van and asking friends for help.

5. Furnishings

If you’re one of the growing numbers of people who’ve been living in furnished rental accommodation, moving into your own place will mean buying lots of furniture. Unless you’re able to pick up free items from friends and family, you’ll need to budget to buy any necessary furnishings.

6. Decorating

When you’ve moved into your new place, you’ll want to make it feel like home. The amount you need to set aside for decorating will depend on what kind of property you’ve moved into. If you’ve moved into a new build, you may only need to repaint a few walls. If you’ve moved into an older property, however, you may need to set aside money to do more substantial redecorating.

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