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Buying a new home - can you afford it

When you are looking at buying a new home the first thing you need to do is decide how much you c...

When you are looking at buying a new home the first thing you need to do is decide how much you can afford.

You will need to look at how much money you have available yourself and how much you can borrow.

If you are looking to borrow to help fund the purchase, this is usually done through a mortgage. It is very important to receive independent financial advice in this case. Our team are able to support you through this process and recommend an advisor who is professional, friendly and free to use.
Whilst it sounds long winded, writing out a budget at this stage can really help you later on. Before finally deciding how much to spend on a property, you need to be sure you will have enough money to pay for all the additional costs.

These can include:-                                                   
· Survey fees
· Valuation fees
· Stamp Duty Land Tax
· Land registry fee
· Local authority searches
· The buyer’s solicitor’s costs
· VAT
· Removal expenses
· Plus any final bills, for example, gas and electricity, from your present home which will have to be paid when you move.

You should also take into account the running expenses of the property you wish to buy. These may include:-
· council tax
· water rates
· ground rent, if the property is leasehold
· service charges, if the property is a leasehold flat
· insurance costs, including life insurance, buildings and contents insurance
· heating bills.

An energy performance certificate can help you work out how energy efficient your property is, check this out before buying - it really helps with financing budgets.

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You will have to pay a deposit on exchange of contracts a few weeks before the purchase is completed and the money is received from the mortgage lender. The deposit is often between 10% and 20% of the purchase price of the home but it can vary.
We are here to help you in your property purchase and can offer initial advice that could save you in the long run.
Please feel free to email ashley.evans@belvoir.co.uk or call our sales team on 01473 212323 

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