How Much Does Buying a House Actually Cost? (Because It’s Never Just the Deposit)

When you’re buying a home, it’s easy to focus on the big number: your deposit. But anyone who’s been through it will tell you, the deposit is just the beginning. There’s a long list of other costs that creep in and if you’re not prepared, they can seriously sting.

Let’s start with the obvious. Your deposit is the portion of the property price you pay upfront, with the rest covered by your mortgage. It’s usually somewhere between 5% and 20% of the property price, though closer to 20% is the norm. The important thing? Don’t throw every last penny of your savings into it. You’ll need a buffer for legal fees, surveys, furniture, and all the little costs that pop up once you’ve moved in.

Then there’s Stamp Duty; the government tax on buying property over a certain value. If your home is over £300,000, you’ll almost certainly be paying it. First-time buyers get a bit of a break: 0% on the first £300,000, and 5% on anything above that up to £500,000. Different rules apply if you’re in Scotland or Wales, so check before you commit.

Legal and mortgage fees are another layer.

• Conveyancing (that’s the legal side of transferring a property into your name) will usually set you back between £800 and £1,800, plus around £250 for local searches — money that goes to your local council.

• If you’re getting a mortgage, you’ll also face arrangement fees (up to £2,000), booking fees (£100–£200), and possibly a broker fee (£0–£500) if you’re using one.

• Surveys and valuations are often misunderstood. They’re not the same thing. Your lender will require a valuation; a straightforward check to estimate the property’s market value - costing around £200–£500.

• A home buyer report, at £400–£1,000, digs deeper, checking for visible issues. A full structural survey, from £600 to £1,500, gives you the most thorough assessment, flagging hidden defects before you commit.

• These extra surveys are optional, but they’re often money well spent.

By the time you add it all up, the “real” cost of buying a house is far more than just the deposit. And that’s exactly why we’re building I’m Buying, to help buyers see the true numbers before they sign on the dotted line. No hidden surprises, no last-minute scrambles.

If you’re planning to buy, we’re here to make the journey less stressful and more transparent. You can join the waitlist at www.imbuying.ai.