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First Home · Module 05
05
Module 05 · Worksheet

The True Cost of Buying

The deposit is just the start. This module adds up everything you'll spend - from solicitor fees to the sofa - so the total cost never catches you off guard.

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First-time buyers almost universally underestimate the total cost of buying. The deposit is the headline figure - but by the time you get the keys, you'll have spent significantly more. This module lays it all out so nothing comes as a surprise.

The costs most buyers miss

Everyone plans for the deposit. Far fewer plan for the solicitor, the survey, the mortgage arrangement fee, the removals company, the first round of furniture, and the boiler that breaks three weeks after you move in. These extras can add £5,000–£15,000 to the cost of buying - sometimes more.

The good news: none of these are surprises if you plan for them now. Work through each section below and enter realistic estimates. Then add a contingency buffer on top.

Stamp Duty Land Tax (SDLT): As a first-time buyer in England, you pay no SDLT on the first £425,000 of a property priced up to £625,000. Above £625,000, standard SDLT rates apply. Scotland has Land and Buildings Transaction Tax (LBTT) and Wales has Land Transaction Tax (LTT) - rates differ. The calculator below uses England first-time buyer rates.

What it costs to buy

£
CostTypical rangeYour estimate (£)
Stamp duty (SDLT)Calculated below
Solicitor / conveyancing fees£1,000–£2,500
Searches (local authority, drainage, environmental)£250–£500
Mortgage arrangement fee£0–£2,000 (some add to mortgage)
Mortgage broker fee£0–£500 (many are free)
Survey - HomeBuyer Report£400–£1,000
Survey - Full Structural (if needed)£600–£1,500
Land Registry fee£20–£910 (scales with price)
Electronic transfer fee (CHAPS)£25–£50
Purchase cost total
£ -

The cost of getting there

CostTypical rangeYour estimate (£)
Removal company£500–£2,000+
Van hire (DIY move)£100–£300
Packing materials£50–£200
Storage (if needed)£100–£500/month
Overnight accommodation (completion day)£0–£200
Moving cost total
£ -

What the first year actually costs

CostTypical rangeYour estimate (£)
Essential furniture (bed, sofa, dining)£1,500–£5,000+
White goods (if not included)£500–£2,000
Decorating / painting£200–£2,000+
Repairs & maintenance (year 1)£500–£3,000+
Buildings insurance (annual)£150–£500
Contents insurance (annual)£100–£300
Emergency maintenance bufferRecommend £2,000 minimum
Other (garden, curtains, etc.)Variable
First year cost total
£ -

Total cost to be in your home

Deposit
£ -
Purchase costs
£ -
Moving costs
£ -
First year
£ -
Grand total needed
£ -

Before you move on

Educational worksheet only. Not financial advice. The Investing Couple is a personal finance content brand. For mortgage, legal or financial advice specific to your situation, speak to a qualified adviser.