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June 15, 2007

Hidden extras overlooked when buying a property

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by Kay Mitchell

Hidden extras overlooked when buying a property

Approximately £10 billion each year goes towards funding the hidden costs when buying a house, according to a recent survey by the Co-operative Bank.

It is estimated that people move up and down the property ladder 3.4 times during their life and rack up a total of £23,800 in hidden extras.

Hidden costs are typically stamp duty, mortgage fees, survey costs, moving and estate agency fees.

Estate agency fees are usually 1% to 3.5% of the sale price, dependant upon whether you have signed a sole or multiple agency agreement.

With the average house price at £180,000, this would mean a further £1,800 in stamp duty. Add mortgage fees, survey costs and moving charges, this can add up to a further £7,000.

Hidden extras are not usually budgeted for so a contingency fund is a good idea and would mean that homebuyers are prepared for any unforeseen costs.


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