Buying a home? Have you considered the extra costs?

From stamp duty to repairs, extra costs on top of the price of a new property are often discounted by buyers

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The high costs involved in buying a home are well known, but what about the less obvious expenses that go along with buying a property? 

Recent research by finance experts TotallyMoney looks into the true cost of buying a home and includes the unavoidable but often forgotten expenses, as well as the unexpected surprises that can catch out homebuyers. 

Unsurprisingly, the biggest additional expense is stamp duty; it doesn't affect those buying a property under £125,000, or first-time buyers buying a property under £500,000, for whom stamp duty can often be reduced or negated. However, if you are buying your second home and upwards, stamp duty will cost you tens of thousands.  

A Homebuyer's Report will come in cheaper than a full property survey, and can help identify potential problems with the property you are about to buy, but it will still cost you over £700. 

Buying a home with the help of a solicitor will set you back a further £800 to £1,500, while fixing unexpected leaks and rewiring electrics can come at anything between £100 and £2,750. 

How to offset some these costs? Buying in a cheaper part of the country is the most obvious solution. Taking it to extremes, buying an average property in Bradford will cost you a reasonable £135,489, as opposed to the average £693,143 of a London home. It may also be worthwhile holding off buying before October if you are looking during the summer. Property prices peak in August, but drop in September, and again in October.