How Much Does It Cost To Buy?

Property advisors are concerned that too many property owners do not properly understand the extra costing they could experience as a result of investing in property.

According to research by property website Mouseprice.com, more than 25% of property owners across the UK are unsure of how much these extra fees would be, whilst:

• 9% of property owners thought these additional costs would only amount to £1,000

And,

• 4% claimed to be unaware that any of these extra fees would affect their property investments

Currently, property investors can expect to pay legal fees of up to £1,000 to their Solicitors once their contracts have been completed. But that is not all…

Other accumulating costs of paying Surveyors for property surveys plus finding the finance to pay 1%-4% in stamp duty fees (depending on the value of the property) can easily increase these costs by thousands of pounds!

Taking these statistics into consideration it is understandable why so many property owners are struggling to afford property, when they seem to be oblivious to the entire costs of their property investments. These 3 factors alone can easily add additional costs of at least £2,500, should property owners choose to invest in properties below £100,000.

Original Article