Are you getting ready to buy your first home in Manchester? Is this not just your first home in Manchester, but your first home period? If so, there is no doubt a lot of excitement that you’re feeling, as this is a huge life step. Homeownership is a source of pride, it’s your own slice of property, and it tends to be one of the best investments you can make. And while you may be wrapped up in the joy and benefits of soon owning your own home, it’s important you go into the process with your eyes wide open.
Here, we’ll take a look at five expenses that you’ll want to watch out for when buying your first home in Manchester. Some of these may be avoidable, whereas others just come with the cost of homeownership so you at least want to be aware of them. It’s all about heading into the process in an informed manner, so there are no surprises.
The Mortgage Costs – the Main Expense
In terms of the main expense when buying a home, it is obviously the mortgage. This isn’t exactly a surprise, but what may come as a surprise is that you can save a little money on this expense by making sure you get an excellent mortgage rate. This is where it pays to do your research, shop around, and ensure the rate you get from your lender is reasonable.
There may also be arrangement fees among other expenses/fees. You’ll need to ask up-front about these and make sure they are communicated to you and that there are no surprises. Be warned if you find a fee-free mortgage as it may mean you end up paying a higher interest rate to essentially make up for the fee you would have paid up-front.
Delving Into the Up-Front Costs
Speaking of those up-front costs, it’s important to know there can be quite a few. The typical ones to be aware of include:
- The mortgage deposit, what you plan to put down on the house, which will bring down the purchase price
- The stamp duty (be aware that the parameters are changing throughout 2021)
- The surveyor’s fee
- The valuation fee
- Estate agent’s fee
- Legal fees
- Electronic fee
These will all range in cost, as it will depend on a number of factors. Because these are up-front costs though, it means you need the money available to pay for them.
Be Aware of Home Insurance Costs
Another cost associated with homeownership is home insurance. Home insurance is meant to give you peace of mind and protection, so it’s not something you want to skimp out on. Having said that, it also doesn’t mean you need to rush in, sign up with the first provider, and ultimately end up overpaying for your coverage.
Rather than waste your time and energy shopping around you can use Quotezone, which will provide you with access to cheap home insurance quotes. You simply fill in the brief form online, and then your list of quotes is provided to you. You can see here for details and get your list of quotes now.
Do You Need Movers – Removal Costs Should be Factored In
Moving into a new house in Manchester also means you’ll be moving items into your home, so how do you plan on transporting those items? Will you need to hire a moving van? Would you prefer to hire professional movers that do all the heavy lifting, moving, transporting, and unloading for you? No matter what route you take, there will be an expense involved.
Keep in mind you can typically save money in this category too. Ideally, you want to move as little as possible, so it’s helpful to do a good declutter/purge before packing. Moving on a weekday tends to be cheaper. Rent your moving/packing supplies rather than buying them. Plan on doing just one trip (not having to go back and forth for items), and be sure the truck/van you rent is the right size for your needs.
What About Home Repairs?
Then there is the current state of the home. This is something that would have already been clear to you when you first looked at the home and got a survey done. If there are any glaring major issues that you need to address, they should be fixed either before you move in or as soon as you are in. The cosmetic updates and renovations can obviously take a backseat.
An Informed Homeowner
By being aware of all these expenses, you’ll go into the process as an informed homeowner. This will make your first home purchase in Manchester all the more exciting and rewarding and you won’t have to worry about any unexpected surprises.
