What are the costs that come with a house?

The average cost of moving house has changed significantly over the last few years and with the cost of living crisis, it's more important now than ever to evaluate the costs that come with moving house. There are multiple factors to consider when you decide to make your move. So, whether you’re a first-time buyer, a growing family looking for a bigger place or you’re downsizing, we’ve highlighted some of the costs that come with buying and maintaining a house. 

What are the costs associated with buying a house?

When you decide to move house, whether you’re a first-time buyer or you’ve been through the home-buying process before, there are costs that anyone buying a home will need to consider. 

First of all, deposits, this is the biggest monetary cost that comes with moving and should be given a lot of thought. Deposits are typically between 5% and 20% of the price of your chosen property. Once you have chosen your home, you will have a conveyancing fee in addition to any local charges. 

You may need to have buildings insurance in place to secure your mortgage, so this is another cost to consider. Lastly, you will have to pay Stamp Duty, which is calculated using a number of factors - the value of the property, whether you’re a first-time buyer and if you have more than one property. 

If you’d like to know more about the average costs of moving house, check out our average cost of moving house blog. 

What is the average cost to maintain a house? 

Bills often make up the largest outgoing of owning a home and with the cost of living at the moment, your bills may seem higher than ever. With any home, you will need to consider your regular monthly bills, for example, your mortgage, energy and water bills, council tax and broadband services. 

When buying a new build home, you could reduce the costs of your energy bills. A report by the House Builders Federation (HBF) found that new build homeowners could save more than £3,100 a year when the Energy Price Guarantee increases. Owning a new build can not only save you money on your bills but they are significantly more environmentally friendly than older equivalent properties. 

On top of bills, there are other factors to consider, especially the cost of maintenance. If you decide to buy an older property, you may have to spend a lot of time and money decorating it to your tastes, especially if you feel you need to update or replace the kitchen and bathroom. With an older home, there might be larger expenses like replacing windows to make the home more energy-efficient. With a new build home, not only do you know it's more energy-efficient, you can make it yours without having to remove old decor. 

If you’re ready to make your move, check out our range of new build homes across the East Midlands.