Research conducted by Natwest* suggests that home buyers aren’t confident in understanding and explaining the home buying process and are particularly stuck when it comes to things like conveyancing and Stamp Duty.
And this lack of knowledge doesn’t just extend to the technical parts of the process, but even in understanding if they can afford to buy a property and what the associated costs are.
Of those who don’t currently own a property, 36% think that they won’t be able to afford to buy a home and 20% hadn’t even thought about putting money aside for unexpected costs.
Although some people may be right in thinking they aren’t in the right financial position to afford their own home, in some cases this just isn’t true. If you have savings that could be put towards a deposit, it’s worth speaking to a mortgage broker like Alexander Hall who will be able to give you advice about what you could potentially afford.
And with schemes like Help to Buy and Shared Ownership, there are a few ways to pay a smaller deposit and get onto the property ladder more quickly.
The study also concluded that the costs of moving are lower than most Britons think, as the first-time buyers in the survey overestimated the associated costs of buying a property by around 59%, with 20-24 year olds having the least understanding of the home buying process.
While estate agent fees, removal company costs and charges for any redecorating are the most easily understood parts of the buying process, it’s the legal and financial commitments that leave people most confused, such as mortgage fees and how much stamp duty you have to pay.
If you’re confused about any parts of the home buying process, we’re here to help! Send us an email or give us a call to find out what's involved when buying a property.
