Buying a home is a long-term financial commitment and you will need a regular income. You will have to pay a number of fees and other expenses before the sale is final.

There are also lots of fees and other expenses involved in selling a home. These can be expensive, especially if you are buying a new home at the same time.

Valuation and survey fees

Your lender will probably insist that you pay for a valuation to check that the property is suitable for a mortgage and that the price is reasonable. A valuation is not a detailed inspection. You may also want to get a homebuyer's report or a survey to check the condition of the property. Surveys can be expensive but may save you money. More

Legal fees and expenses

You have to pay the legal costs when you buy or sell your home. It's possible to reduce your legal expenses by doing the legal work yourself, but most people hire a solicitor. Solicitors fees vary, so ask how they are calculated before you hire someone. It may be a percentage of the sale price (such as ½ to 1%) or a fixed amount. More

Buying costs

Buying a home is probably the most expensive purchase you will ever make. It's a long-term financial commitment and you will need a regular income. You will have to pay a number of fees and other expenses before the sale is final, and will have to make regular payments after you move in. More

Selling costs

There are lots of fees and other expenses involved in selling a home. These can be expensive, especially if you are buying a new home at the same time. Most of them won't be refunded if the sale falls through. More

Estate agents' fees

If you are selling your home through an estate agent, you must pay commission and fees. You don't usually have to pay anything until the sale is completed. Different agents offer different packages so it is usually worth getting a few quotes to find the best one for you. More

Mortgage fees and insurance

When you take out a mortgage, some lenders will charge an arrangement fee and may insist that you pay for a mortgage indemnity guarantee. You will also need to pay for buildings insurance. You may want to protect yourself further by buying contents insurance and/or insurance to help pay your mortgage if you die or are unable to work. More