When buying a house, the purchase price only tells part of the story. Many of the costs that shape what you actually spend tend to crop up as the process gets underway.
Because these extras rarely arrive all at once, it can make it harder to spot them all – and easier to underestimate. If you take time to think beyond the headline figure, you give yourself a far better chance of protecting the money you have in place and avoiding stress during your first months of ownership.
Legal, survey and administration costs
You will pay fees for a solicitor. Conveyancing fees often rise once searches, identity checks, bank transfer charges and additional paperwork come into play. In situations where the property has unusual boundaries or shared access, your solicitor may need extra time, which increases the cost. This also applies if the lease is complicated.
Surveys can also be expensive. A basic valuation arranged by your lender only confirms the property’s value for mortgage purposes. Older homes, those with non-standard construction, or properties that look altered often need a more detailed survey, which costs more. This can be an important expense, however, as it gives you clearer insight into future risks.
Lenders may also charge a mortgage arrangement or product fee that you either pay upfront or add to the loan, increasing interest over time. Ask for a full breakdown of professional fees before you submit any formal applications.
Ongoing charges tied to the property
Some homes come with regular costs that never appear in the estate agent’s headline figures. Leasehold flats often include service charges and ground rent, while new builds on recently constructed estates may involve private management fees for shared roads, lighting or green spaces. These charges can rise over time and may not stay in line with inflation.
You need to check how these fees work, what they cover, and whether the management company holds healthy reserves. Your solicitor can obtain this information, but you benefit most when you read it carefully and consider how the payments fit into your monthly budget over the long term.
Repairs, maintenance and compliance costs
Even a well-presented house can need work once you move in. Sellers often prioritise cosmetic fixes, while structural issues, ageing boilers or worn roofs remain out of sight. Older properties frequently require upgrades to wiring, insulation or heating systems to meet modern standards.
This is less of a risk with new build homes, and there are warranties and guarantees that come with brand new properties. They are made from more modern, sustainable materials, too.
Recent changes in building safety and energy efficiency expectations have increased awareness of compliance costs, especially for flats and converted buildings. You may pay towards safety improvements or invest in upgrades that reduce energy use.
It’s worth having a realistic repair fund in place, even if you do opt for a new build. This can give you peace of mind.
Taxes, utilities and local authority charges
Council tax bands sometimes catch buyers off guard, particularly when moving from a smaller home or a different area. Bills can rise sharply, and you pay them regardless of how much time you spend in the property.
Utility costs can also change once you move, especially if the house relies on older systems, poor insulation or electric heating.
As energy prices continue to fluctuate, early planning is essential. Before you complete, check the council tax band, review past utility usage if possible, and set aside a buffer so your first year of ownership feels manageable and sticks within your budget.
