Buying your first home is an exciting and unforgettable time. You finally have a place that is truly yours to do with as you please, but have you considered some of the costs involved outside the mortgage? Many new homeowners get blindsided by the amount of expenses they have to account for once they start owning their new home, which can certainly dampen the overall experience.
At Miles Byron, we are reliable estate agents in Swindon who have been providing properties for many years now, and our team has come together to ensure your home buying experience is everything you hope it will be. Keep reading as we guide you through some of the hidden costs that come with home ownership.
Tips to Manage Your Expenses
Before we dive in, we want to first assure you that while hidden expenses can be unpleasant, there are ways for you to manage your money to stay on top of everything. When you move into a home, you should always:
Start with a Budget: Having a budget lets you know what earnings you have compared to expenses, so you don’t accidentally overspend.
Accrue a Cushion: Sometimes unexpected expenses can come at the worst time, which is why you should have a safety net in the form of savings.
Limit Debt: Buying a house with a mortgage means debt that you will have to pay back over a long period, but try to avoid accumulating more via loans or credit.
Regular Assessment: Check your finances regularly to stay on top of outgoings like subscriptions that you may no longer use.
With your finances in check, you will be better equipped to handle the unexpected cost you encounter as a homeowner. If you would like to know more about hidden costs of home buying, our team is ready to guide you through what to expect!
Valuation Fees
Before you buy a home, you’ll need to have a site survey performed on the property to check for any structural issues and to highlight any repairs that need to be taken care of. This can cost several hundreds of pounds depending on the valuation provider you go with. At Miles Byron, we offer FREE property valuation services, so cut the cost and choose us if you’re looking to purchase a home in Swindon.
Council Tax
The amount of council tax can differ depending on the value of your property, with Band A being the lowest cost with council tax of up to £40k, and Band H being the highest with over £320k. Understanding the cost of council tax is essential before you buy a property and we actively encourage you to research the council tax rates in the area you are buying to better understand the kind of long-term financial commitment it will be.
Maintenance and Repair
Wear and tear is expected when you’ve been living in a property for a certain period of time, however some homeowners may find issues that are only obvious after living in the property for a while. This could include boiler faults, leaks, damaged floors or walls, and more. While a valuation should find these issues, it’s also possible for them to be missed or arise shortly after the home has been purchased. The cost to repair a problem can be high, and may be an ongoing expense if regular maintenance is required.
Services and Utilities
It can be hard to make a list of all the new services and utilities that you have to pay for as a homeowner, so the team at Miles Byron has done the work for you. As a homeowner you will be required to pay:
- Water bills
- Gas bills
- Electricity bills
- Buildings and contents insurance
- Service charges
- Residents parking
- Building work
- TV, Broadband, cable and phone
With these essentials to consider, you can better account for your expenses and avoid being hit with a bill you had forgotten about and blindsided. For more information on the expenses you’ll pay as a homeowner, get in touch with the experts at Miles Byron today!
Contact our team for more information!
If you would like to know more about some of the hidden costs of home ownership, or you’re interested in learning about the properties available in Swindon at the moment, get in touch with Miles Byron today! As expert estate agents we’re fully equipped to guide you through all the ins and outs of home ownership! Reach out to our experts now! To find out more, our blog is full of useful information, including a deep dive into the types of properties in Swindon, what to look for when choosing an estate agent, top tips for a speedy sale, and how you can profit from renting your property!