So you’ve visited s1homes and the range of properties available to buy in Scotland right now has inspired you to plan your first move.
The problem is the property market moves faster than Usain Bolt running for a bus. And this means it can be difficult to plan anything without knowing what new laws are in place and, of course, what it’s all going to cost.
That’s especially worrying if you’ve never done this before. Well, worry not a jot! Here is a handy guide to all of the costs involved in moving to your first home.
Get your legal eagle!
One of the few times in your life you’ll be glad you need a solicitor is when moving home.
A solicitor or property lawyer will carry out your conveyancing and legal procedures, leaving you worry-free to choose your des res.
According to the last study by Post Office Money the average cost, including all fees and searches, was £1,419.
Check your piggy bank!
You’ll need to have funds to pay for the deposit on your new home and your new mortgage may have an arrangement fee, which can be paid upfront or added to the new mortgage.
In the current market you’ll need a deposit of at least 5% of a property’s value to get a mortgage. So, if you wanted to buy a £150,000 house you’d need to save up at least £7,500 and borrow £142,500.
Don’t forget the tax!
Stamp Duty in Scotland is now called Land and Buildings Transaction Tax (LBTT) and is linked to the property purchase price.
If this is your only property and it costs below £145k, you’ll pay no tax. Result!
If your new home costs £145k to £250k, you’ll pay 2%; between £250k and £325k, 5% must be paid, and between £325k and £750k, 10%. After that it’s 12%.
Let’s get moving!
The cheapest way to transport prized possessions to your new home is sweet talking pals to load their wagons and do shuttle runs. The total cost will be a takeaway for everyone.
If you’re moving a couch that seats an entire pipe band, hire a self-drive van for around £30 per day.
Or get the professionals in. Leaving a one-bedroomed house and moving five miles on average costs around £300. Leaving a two-bedroomed house, moving 50 miles and using a packing service can cost up to £1,200.
Make yourself at home
Before you hang your first picture, you’ll need to know what it’s going to cost to live in your new home.
A recent report by the bank Santander found, on average, we spend just over £3,000 on essential bills a year.
The most important to consider are Council Tax, utilities and insurance.
Your Council Tax depends on the value of your property and the charge is based on two adult residents. So for a two-bedroom detached house you can expect to pay around £150 a month. (You can check our handy council tax guide here).
Although gas and electricity bills vary depending on the size of a property, the average household pays between £75 and £125 a month for both.
There are two types of insurance you need for your new home. Buildings insurance covers the structure in case of fire, flood or accidents and will be around £25 a month. Contents insurance covers your prized possessions and is around £20 a month.
So, now you have your handy checklist, why not take another look at the properties for sale right now on s1homes?