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Are There Any Hidden Costs When Buying A Property Without A Mortgage?

This question was from Zoopla User si4241.

Are there hidden costs when buying a property without a mortgage?

If I buy a flat outright with no mortgage do I have to pay any extras? i.e. roof, lifts, gardens, etc.

Are There Any Hidden Costs When Buying A Home Without A Mortgage?

Actually buying a property without a mortgage is somewhat cheaper than buying if you do. You don't have any mortgage arrangement fees or survey fees.

Video Transcription

Actually buying a property without a mortgage is somewhat cheaper than buying if you do. You don't have any mortgage arrangement fees or survey fees.

However, I would say that if you do buy a property, even without a mortgage, you will need to have a survey just in case you are making an expensive mistake buying something with an inherent problem.

Budget for about one thousand pounds or so for your solicitors and all of the associated costs with that and that should be everything you need to budget for.

Jonathan Rolande

Authored by Jonathan Rolande

Jonathan started in the property industry in 1987 and has extensive knowledge of the property buying sector. Jonathan is also an avid supporter for more regulation in the industry that protects sellers.

Last updated on 21/02/2014 by Jonathan Rolande.

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