Home Buying Guide

Your Journey to Home Ownership

Understanding the home buying process is crucial for a smooth journey. Here's our comprehensive guide to the five key stages, including typical timescales and costs you should expect along the way.

1. Preparation

3-6 months

Financial Preparation

  • Save for deposit (5-15% minimum)
  • Check and improve credit score
  • Get a mortgage in principle

Cost: £0-£500 (credit reports, mortgage fees)

2. Searching

1-3 months

Property Search

  • Research areas and prices
  • Register with estate agents
  • View properties (5-10 on average)

Cost: Travel expenses only

3. Making the Offer

1-2 weeks

Offer Process

  • Research comparable properties
  • Submit initial offer
  • Negotiate final price
  • Get offer accepted

Cost: Mortgage arrangement fee (£1,000-£2,000)

4. Sales Progression

8-12 weeks

Legal Process

  • Instruct solicitor
  • Property surveys
  • Searches and enquiries
  • Exchange contracts

Cost: £3,000-£5,000 (legal fees, surveys, searches)

5. Moving

1-2 weeks

Final Steps

  • Complete purchase
  • Get keys
  • Move belongings
  • Update address details

Cost: £1,000-£2,000 (moving, insurance)

Total Cost Overview

Essential Costs

  • Deposit5-15% of property price
  • Stamp Duty0-5% of property price
  • Legal Fees£1,000-£2,000

Additional Costs

  • Surveys£400-£1,500
  • Moving Costs£500-£2,000
  • Insurance£200-£400

Pro Tip: Always budget an extra 10% for unexpected costs. The total cost of buying a home typically adds 7-15% on top of the purchase price.

NHomeBuyers Corner
HomeBuyers Corner is here to fight the corner for the buyer in UK property transactions with helpful, independent and impartial advice, guides and tips.
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