The journey to buying a home is incredibly exciting, but it’s easy to get swept up in just the deposit and mortgage repayments. In reality, there are several other costs that add up along the way. But with a bit of planning and some smart strategies, you can significantly reduce these extra expenses.

Here, we’ll walk you through some of the most common additional costs and offer our top tips on how to keep them in check. Let’s dive in!

Understanding the extra costs

Beyond your deposit and mortgage payments, you’ll encounter a range of expenses when buying a home. These typically include legal fees (conveyancing), surveying costs, Stamp Duty Land Tax, and removal fees. You can find out more about how much these costs can be in our guide here.

Being aware of these costs upfront is the first step. The next is learning how to reduce them.

Top tips to save on key expenses

1. Legal fees (conveyancing)

Your conveyancing solicitor handles all the legal work to transfer property ownership. Their fees can vary, so it pays to be proactive.

  • Get multiple quotes: Don’t just go with the first quote you receive. Contact several different solicitors or conveyancing firms to compare their prices and what’s included.
  • Ask for fixed fees: Many solicitors offer a fixed fee for conveyancing, which provides certainty and helps you budget. Be clear on whether the quote includes disbursements (third-party costs like search fees) or if those are an extra cost.
  • Consider online conveyancers: Online firms can sometimes offer more competitive rates than high-street solicitors, but ensure they are reputable and well-reviewed. It’s a myth that your solicitor needs to be based locally to you!
  • Be organised: Having all your documents ready and responding quickly to your solicitor’s requests can save time, and therefore potential costs, in the long run.

2. Surveying costs

A property survey is crucial for understanding the condition of the home you’re buying. The cost varies based on the type of survey and the property size and value.

  • Choose the right survey: Not all surveys are the same. A basic ‘valuation’ survey is for the lender’s benefit. A ‘HomeBuyer Report’ gives you a good overview of visible defects. A ‘Building Survey’ (or structural survey) is the most comprehensive, ideal for older or unusual properties. Don’t pay for more than you need, but don’t scrimp on one that could save you thousands down the line by uncovering hidden issues that may need repairs.
  • Bundle services: Sometimes, a mortgage lender might offer a free valuation if you take out a mortgage with them. Ask if they can also arrange a HomeBuyer Report at a reduced cost.
  • Negotiate (politely!): It’s sometimes possible to negotiate the survey fee, especially if it’s part of a larger package.

3. Moving costs

Whether you hire professionals or go DIY, moving can hit your budget.

  • Declutter ruthlessly: The less you have to move, the less it costs. Sell, donate, or throw away items you no longer need before getting quotes.
  • Do your own packing: While time-consuming, packing your own boxes can save a significant amount compared to using a professional packing service.
  • Get multiple removal quotes: Prices can vary hugely between removal companies. Get at least three quotes and clarify what’s included (e.g., insurance, dismantling furniture).
  • Consider timing: Moving on a weekday, especially mid-week, can often be cheaper than weekends or bank holidays, which are peak times.
  • Borrow or rent: Ask friends for help or borrow a van from a friend if you’re up for a DIY move.

4. Stamp Duty Land Tax (SDLT)

Stamp Duty is a tax you pay to the government when you buy a property over a certain price. While you can’t negotiate this tax, you can budget for it effectively. You can read more about the costs and calculate your bill using our guide here.

  • Understand the thresholds: The amount of Stamp Duty you pay depends on the purchase price and whether you’re a first-time buyer, buying it as an additional property, or a UK resident. Research the current rates.
  • First-time buyer relief: If you’re a first-time buyer and the property meets certain criteria, you might be exempt from Stamp Duty or pay a reduced rate. Make sure you understand if you qualify.
  • Use online calculators: HMRC provides an official Stamp Duty calculator, and many property websites also have them. Use these tools early in your budgeting to get an accurate figure.

It’s easy to save on home-buying expenses with careful planning and smart choices. By understanding where your money goes and applying these tips, you can take more control over your budget and enjoy a smoother move.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.