Five hidden costs catching home buyers out
FIVE hidden costs that’re catching home buyers out, AFTER they put their offer in, says expert
• Buyers often focus on deposits and mortgages, but overlook thousands in extra costs
• Delays, surveys and legal fees can quickly inflate budgets
• Unexpected gaps in funding are becoming increasingly common
A lot of home buyers think the final stage of the ‘buying-a-home’ process is putting their offer in, and everything will run smoothly from there.
However, once the offer has been accepted, that’s when the little costs here and there start to appear, that many home buyers aren’t prepared for.
According to property finance specialist, Helen Hobbs, at Pure Property Finance, buyers regularly underestimate the additional expenses that arise between offer acceptance and completion, leaving many Brits scrambling to find funds at the last minute.
Helen lists five of the most common costs he has to remind clients about, who’ve not put money aside for any of these:
Survey surprises
“A basic valuation is normally required by the lender, to ensure the house is good enough for sale, however, buyers may be better off spending slightly more on a more detailed valuation to save costs further down the line.
The more detailed survey may uncover issues such as damp, roofing problems or even structural concerns, which may lead to either unexpected repair costs or renegotiations, potentially saving a bit on the price. However, in some cases, buyers may choose to walk away all together if it seems too costly and too much hassle to fix.”
Legal fees that creep up
“Conveyancing quotes are very much an estimate usually of what they think it’ll cost. Leasehold properties, gifted deposits, shared ownership and delays from the other party may mean that the chain can add a whole new layer of complexity.
This means additional communications, and therefore, additional costs for the legal process.”
Mortgage delays and rate changes
“Mortgage offers can expire, and while new rates can go down, they can also go higher. This may mean that, in an ever-changing interest rate environment, it can result in higher-monthly repayments than what you originally expected, and could mean your profitability lowers slightly.”
Bridging gaps between sale and purchase
“For some buyers that are trying to buy and sell their own home at the same time, timing mismatches can sometimes happen.
This could mean a delayed sale, where short-term funding may be needed to secure the onward purchase. A lot of buyers don’t anticipate this happening when budgeting, but it definitely happens.”
Moving and setup costs add up fast
“Removals, storage, initial furnishing, white goods, and even simple tasks like changing locks can add hundreds or thousands of pounds to the final total. While a lot of people do put money aside for furniture, it’s usually not half as much as they can expect to spend.
Of course, not everything needs to be bought right away, but having money for essentials like a bed, mattress and fridge is absolutely key.”
Helen also adds:
“Many buyers plan carefully for their deposit and mortgage, but underestimate how many additional costs can arise once an offer is agreed. These hidden expenses often appear at the most stressful point in the process, which is why having a realistic buffer , and also the right advice early on, is so important.”
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