Estate agents' tips on how to budget for the hidden costs of buying a home

Buying a new home, particularly your first one, is a huge commitment which involves a lot of time and money being spent. It is often only once you begin the house-hunting process that you realise what exactly is needed to get onto the property ladder.

Many potential buyers don't know about or prepare for the various hidden costs that are involved with buying a home. Making sure you have the funds in place to cover the less obvious costs can help make the process run much more smoothly, and avoid taking an unexpected chunk out of your bank balance.

Estate agents Ryder & Dutton, who cover several areas of Greater Manchester, have shared their expert advice on what to budget for when buying a home.

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Stamp duty

Stamp duty is a tax that you legally have to pay when buying a new home, unless you are a first-time buyer.

Jake Rowson, sales director of Ryder & Dutton, said: " The tax kicks in on properties valued at £125,000 and over, unless you’re a first-time buyer in which case the threshold rises to £300,000.

"The amount you pay depends on the value of your property, but there are plenty of online calculators you can use to work out how much you’ll have to pay based on your circumstances and the home you’re buying.

"The cost usually runs into the thousands, so make sure you know exactly how much you’ll need to pay and set it aside."

Legal fees

When you buy a new home, a solicitor will look after all the conveyancing for you.

"They’ll do all the necessary checks to ensure the property you’re purchasing is sound, look after monetary transactions for you and work out and pay the stamp duty that you owe. Budget