There are a variety of costs which you need to factor in when buying any home. These include:
Stamp Duty
The current Stamp Duty rates apply until the end of March 2023 and apply to all residential properties above £250,000. There is some relief for eligible first-time buyers.
Mortgage Costs
Deposit – the larger the deposit you can make the better chance of securing a good mortgage deal. You will need somewhere between 5% and 20% of the purchase price.
Valuation fee – some mortgage lenders, depending on the product you select, may need to assess the value of the property to establish what they will lend and may charge you anything from £150 upwards depending on the property’s value.
Booking and arrangement fees – you might also need to pay a mortgage arrangement fee, depending on the product you select. These can be paid upfront, or sometimes added to your mortgage. But if you add them on remember you’ll be paying interest as part of the mortgage repayments.
Mortgage broker fees – if you use a broker to find and negotiate the best deal their fees will either be charged, or almost all now take commission from the lender rather than charging you. It’s worth checking first as fees can range from £0 to £500.
Legal Fees
A solicitor or licensed conveyancer will carry out the legal work when you buy, or sell, a home. These are typically somewhere between £350 and £1500. They will also undertake local searches which will usually cost between £200 and £350. Also factor in an electronic transfer fee to move the money you are lending to purchase your new home. The Land Registry fee will be somewhere between £200 and £300.
Moving Costs
If you are using a removal company, shop around for quotes. Prices usually start from £300 but can run into thousands depending on how much needs to be moved. Check they are insured, and, if you decide to do the move yourself instead do consider taking out an insurance policy.
Insurance
A building’s insurance policy protects your new home from fire, flood, subsidence and other potential damage to the fabric of the building. Contents insurance will protect your possessions.
When buying a new home at Graven Hill, you may also need to factor in some extras, such as:
Custom Build Design Choices
You will have a choice of internal layouts and finishes when you reserve early in the construction process. So you can tailor your new build to suit you, and your family’s needs and taste.
Graven Hill’s Custom Build New Homes offer the convenience of a new build with design choices built in. This is achieved as planning permission agreed for all external matters, like a conventional new build home. Buyers can take advantage of a living space that’s tailored to include layout options such as an office, open plan living, a south facing kitchen to the décor and finishes, all without the stress of having to project manage and build the home.
Timings make a difference on these products, as the earlier purchasers become involved in the planning and building process, the more choices are available, leading to a personalised “move-in ready” home.
Selling your home to move to a Graven Hill Custom Build New Home?
If you are selling your own home, you will need to factor in an estate agents fee which can be up to 3 or 4% of the sale price. However, you could avoid this cost and part-exchange your home. Graven Hill can use your existing home as part-payment for your Custom Build New Home, so you can move faster – and save fees – as you have a guaranteed buyer. You’ll also be able to live in your existing property until the day of the deal completion on your new home.
Where you will save if you choose a Graven Hill Custom Build New Home
As your new Graven Hill custom build home comes with a 10-year insurance-backed warranty as standard giving you peace of mind that it is of the highest quality, therefore you don’t need to factor in the cost of a structural survey which can come in from £250 for a basic home condition survey to almost £1000 for a RICS Home Survey Level 1.
If you part-exchange your existing home you will also save on estate agent’s fees, and the hassle, of selling your home.
You will also save on maintenance and other on-going costs when moving to a Graven Hill Custom Build Home. For example, the average repair bill for secondhand home purchasers can run over £5,000, but your home will be brand new and under warranty.
You will also save on the running costs of your new Custom Build Home. As the owner of a high-quality new build, you get far superior energy efficiency, so you can save up to 60% on your utility bills according to research by the House Builders’ Federation. Your new Custom Build Home at Graven Hill is also ready-wired for fast fibre-optic home broadband this means you can negotiate the best deals with your supplier.