Costs of Buying a New Home: What to Expect with Ascent Homes
Buying a new home is an exciting step, but it's essential to understand the costs involved before you make the leap. Whether you're a first-time buyer or moving up the property ladder, the expenses of purchasing a new-build home can differ from buying an older property. Here's a breakdown of what you should consider when buying a new home from Ascent Homes.
1. Deposit
The deposit is likely to be the biggest upfront cost you'll face. With Ascent Homes’ partnership with Own New, you can buy a new build with reduced rates and smaller deposits. Speak to our sales executives to find out more information.
Generally, the more you can put down on your deposit, the better the mortgage rates you should be able to access.
2. Mortgage Fees
Securing a mortgage often involves additional costs such as arrangement fees, valuation fees, and occasionally broker fees if you choose to use a mortgage advisor. While some lenders offer deals with no fees, others might charge a few hundred pounds for processing your mortgage.
Ascent Homes are partnered with First Mortgage and Mortgage Pathways, free mortgage brokers who offer free mortgage advice to all, from first time buyers or people moving home to people who are looking to remortgage.
3. Stamp Duty
Stamp Duty Land Tax (SDLT) is payable on homes over a certain price for those buying their next home. However, first-time buyers can often benefit from no stamp duty on properties. Check the latest government guidelines or speak with your solicitor to understand what you may be liable for based on your home’s price.
4. Legal Fees
A solicitor is essential for managing the legal side of the purchase. Their fees typically cover everything from handling contracts, land registry checks, and transfer of ownership. The cost can vary, but budget for between £1,000 and £3,000 depending on the complexity of the purchase and the solicitors you choose.
5. Survey Costs
All our new-build houses from Ascent Homes come with a 10 year insurance-backed warranty for peace of mind.
6. Moving Costs
Once your home is secured, don’t forget to budget for the move itself! Whether you’re hiring a professional moving company or renting a van and doing it yourself, moving costs can add up. Packing materials, time off work, and petrol costs are often overlooked but important considerations.
7. Insurance
You’ll need building insurance to commence as soon as you exchange contracts with Ascent Homes. This covers the structure of your home and is required by most mortgage lenders. There is a range of covers available so make sure to choose the one that is right for you. Additional insurance, such as contents insurance, is also a good idea to protect your belongings or life insurance which also have varying levels of cover. You can speak to your mortgage broker to discover more about relevant insurances.
8. Home Furnishings and Finishing Touches
Don’t forget to budget for those final finishing touches! While your new house will be move-in ready, you’ll still want to make it feel like home. From curtains and carpets to furniture and appliances, these can all add to the end cost.
Ready to Take the Next Step?
At Ascent Homes, we’re here to make the process as smooth as possible. Whether you’re considering a home at our current Allerburn Manor, Willow Farm or Wayside Point developments, or are looking to reserve on our future housing developments, our team can guide you through each step of your home-buying journey. With homes ready to reserve, now is the perfect time to take that next step towards owning your dream home.
Get in touch with our team to arrange a viewing or to find out more about how you can secure your new home with Ascent Homes.
