Buying a Home

It's a massive and daunting investment, so you need to go in with your eyes wide open.

Lots of people get confused with the costs that are involved when it comes to buying something. Here are some points that need to be considered:

• The Deposit - you will normally need to put down a percentage straight up front which will be between 5 and 10 percent of purchase price; thus people will often talk of saving for a deposit

• Survey Fees - only someone silly buys a house without getting a survey done first unless there are exceptional circumstances - if you buy a house with dry rot or subsidence and don't find out as you didn't get a survey done then, well, there is a lot of hassle and cost ahead waiting for you

• Stamp Duty - if there's something involving money going on, your friend the goverment wants to know about it, and it wants a part of it too, so be prepared to pay this on any property over £125k which is - well - pretty much anything these days

• Legal Fees - that caring solicitor will want a piece of your cash for going through the paperwork, exchanging contracts and all the other things that are involved with house purchases. Some people do it themselves but for most the peace of mind of getting it done professionally is ultimately worth the financial outlay.

So those are some of the main costs involved outlined, though of course by no means are they the only ones involved!