Buying a home has always been a costly endeavour and while many focus on making sure they have enough money to put down a solid deposit, there are still plenty of other upfront costs that can quickly mount up.
A new study from TotallyMoney has looked into all of the expenses associated with buying a home to try and find the average upfront cost of a property transaction.
The study found that on average, prospective homeowners throughout the UK are having to pay a total of £38,777 upfront to purchase a home.
The bulk of this cost is understandably the deposit, with most buyers looking to put down anywhere from 5% to 20% of the property’s total value, but there is still a list of extras and potential fixes.
Before the purchase goes through it’s vital that you have the building surveyed and it turns out that the average cost of a home buyers report currently stands at £786.
We’d all like to buy a home that is already in fantastic shape, but the truth is that most homes require a little bit of work before moving in. TotallyMoney investigated the average cost of some of these small fixes and found that fixing cracks and leaks would cost £60 and £120 respectively.
When it came to more technical repairs such as electrics, the study revealed an average cost of £2,750 for the rewiring of a home.
Included in all of this will be the solicitor’s fees to ensure all the paperwork is processed correctly, this will run the buyer anywhere between £850 and £1,500, according to the report.
When looking throughout the country, comparing one end of the scale to the other, the cheapest average property prices can be found in Bradford, currently standing at £135,489 and come with an upfront cost of £24,895. On the other end, the most expensive properties can be found in London, with average prices of approximately £693,143 and average upfront costs of £125,195.
While these numbers may seem daunting, saving up for a home is not an impossible task, but it is important that buyers are aware of the full cost that comes with purchasing a home.