I've got two options open to me when it comes to searching for my first home. I can either opt for a terraced house in the Valleys with plenty of space and room to make a profit if I make a few improvements or I can opt for a smaller property, a flat in Cardiff or Newport. Living in the Valleys and not a city really doesn't bother me if there is a train station in the town and the idea of space and spare rooms appeals to me. A more modern flat would need a lot less work and would mean I'm closer to friends so I've a lot of thinking to do.
I've found a few buildings I wouldn't mind living in with a bit of character and I've already made a Pinterest board to get a few ideas together for some interior inspiration. I've also started reading blogs such as this journal because I really don't know the first thing about dressing a home . If you know of any blogs about homes and saving tips then please leave me some links.
I know there is more than just a house deposit I need to save for, buying a house it a total minefield and I've made a list of things I need to think about:
Mortgage arrangement fee - This can be up to £1000 or added to your mortgage.
Valuation fee - This is the fee lenders charge for a valuation to check the property exists and that it also offers sufficient
security for the loan. This can be about £300.
Legal fees - I'm looking
at about £500, maybe more for this.
Stamp duty - I might get out of this one as a flat or house in my area would be under £125,000 and therefore exempt.
Surveys - Definitely going to need one of these to check if the house I want to buy is sound. This will set me back another couple of hundred pounds.
- Removal costs - I don't have much to move and have access to a van, one thing I don't need to worry about.
- House repairs - There's bound to be a leaky sink, painting and other odd jobs to do. Going to need at least £500 for paint, carpet and other bits that need refreshing.
I'm aiming to get as much furniture as I can from Freecycle and local auctions to keep costs down and I like the shabby, antique kind of look more than sleek lines so I'm happy to paint any furniture I can find and have it a little mismatched until I can replace it with my own new items.
Any homeowners have some tips for me? What have I forgotten and what are the major pitfalls?