Indus Property
Offering the latest residential and commercial property management news, guides, resources and advice.
What to Look For in a New House
A house that has just been built will have its own requirements a buyer must consider. This article covers things to keep an eye out for and is designed to help buyers maximize their investment from the start.
Why Choose Letting to Earn an Income
The buy to let market is always growing in the UK these days so making sure to understand this opportunity is crucial for those who want to make the most of their property investment money.
How to View a Rental Effectively
Knowing how to view a potential rental property is the first step to becoming a savvy and responsible tenant any landlord would love to rent to. Here is how to evaluate any rental one encounters on the market today.
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Home · First Time Buyers · Costs Involved in Buying That First Property
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Costs Involved in Buying That First Property
Anyone who is about to buy a property either for themselves or to use as part of a buy to let set up really should know about the different types of costs that come with the ownership of a property. Understanding what these are and making sure that they are budgeted for can help a first time property buyer make sure they get the most for the money that they invest in that very first property. High property costs can be tough in the United Kingdom, but there are mortgages and other assistance means available to those who seek them out. Some people also choose to ask family to help them and in a buy to let situation this is often a possibility. One does need to be shrewd, though, to make sure that they do not get themselves into a bind in the financial sense.The extra costs that are going to be part of any property purchase are not as well known as the cost of the mortgage and its associated fees, such as interest. One of the big things that many first time buyers forget is that there is generally a substantial deposit for the property which must be covered up front. Having this in advance is normally the very first step to owning a property and the amount of that deposit is going to vary by location of the property and what all structures, such as a house, are on that land. A Stamp Duty Land Tax is another cost that needs to be calculated in to the purchase price and this is an area where an agent could be of assistance, helping to give estimates of what one might expect to pay in terms of the tax.
Surveyors are an important part of determining the value of a property. The services of a licensed surveyor firm are not free, so these must be added in. The fee for removers also should be taken into account because there may be things which need to be removed from the property prior to anyone taking residence within it, but one may also need these services if they plan to move straight into the property. Fees for land registry also come with the purchase of any land and they, too, will play into the over all cost of a property that one intends to buy.
30.07.2010. 07:23