Understanding the complete property buying costs before you begin your search is essential for any prospective homeowner. While the headline purchase price often captures attention, the additional expenses can significantly impact your budget and borrowing capacity.
This guide breaks down all the financial considerations beyond the property price – from your initial deposit to stamp duty, legal fees, mortgage arrangements and moving expenses. By familiarising yourself with these property buying costs early in your journey, you’ll be better positioned to make informed decisions, avoid unexpected financial strain, and approach viewings with realistic expectations about what you can truly afford.
When you’re planning to buy a property, the purchase price is just one part of the picture. The real question is: what’s the total purchase cost, from first viewing to moving in?
It’s important to have a full view of the costs involved, not just to avoid surprises but to stay in control of your budget from day one. Here’s what you need to factor in, and how we can help you plan ahead.
1. The Big One: Your Deposit
Most buyers know they need a deposit, but the exact amount can vary. Generally, it’s 5% to 25% of the purchase price, and some lenders offer incentives for higher deposits. It’s the biggest chunk of upfront money, and it sets the tone for your mortgage deal.
2. Stamp Duty (in England)
Stamp Duty Land Tax (SDLT) kicks in above a certain threshold and is calculated based on the property price. First-time buyers get some relief, but it’s still a cost you need to plan for, especially if you’re upsizing or buying an investment. Want a clearer picture? Here is an SDLT calculator to help you run the numbers.
3. Legal Fees and Searches
You’ll need a solicitor or conveyancer to handle the legal side of your purchase. Expect fees between £1,000 to £2,000, plus the cost of searches (typically around £300 – £400). A good solicitor will break these down for you, and Brookings can help you get that quote for free, upfront.
4. Mortgage Arrangement Fees
Some lenders charge arrangement or product fees, and sometimes this is rolled into your loan, sometimes paid up front. These can range from a few hundred to over a thousand pounds. We work closely with Home of Mortgages, who can walk you through all the costs and help build a full budget forecast before you even offer on a property. Click here to book a no obligation 15 minute chat.
5. Other Costs to Plan For
- Valuation or survey fees (especially if you’re doing a full structural survey)
- Moving costs
- Insurance (which may be required before exchange)
- New furniture or immediate repairs in your new home
It all adds up, but none of it needs to be a shock if you’re properly prepared.
Planning ahead puts you in control, and we always recommend buyers take the time to get a full financial picture before they fall in love with a property.
That’s where a good agent – and a good mortgage advisor – can make all the difference.
Navigating property buying costs doesn’t need to be overwhelming when you have the right guidance and preparation. By accounting for all the expenses outlined above, from your deposit and stamp duty to legal fees, mortgage costs, and those easily forgotten moving expenses, you’ll approach your property purchase with confidence rather than concern.
Remember that understanding the full scope of property buying costs is just as important as finding your dream home. We believe that financial transparency from the outset leads to smoother transactions and happier homeowners. Taking control of your budget early means you can focus on what really matters: finding the perfect property that meets both your lifestyle needs and financial capabilities.
At Brookings, we’ll help you understand the costs, set realistic expectations, and introduce you to trusted partners who can map out your budget properly from the start.
Need help working out your full buying costs?
Drop us a message – we’ll connect you with an advisor who can walk through it with you, with no pressure.
