For many first-time buyers in Scotland, saving for a deposit feels like the biggest hurdle to buying a home. But while your deposit is essential, it’s far from the only cost you’ll need to budget for.
Many buyers are caught off guard by additional expenses that come with purchasing a property, and failing to prepare can cause stress or even delay your move. Here’s our expert guide to the hidden costs of buying a home in Scotland that first-time buyers often overlook.
1. The Home Report
In Scotland, it’s usually the seller who pays for the Home Report. But as a buyer, it’s worth knowing that you may want to commission additional surveys if you’re concerned about a property’s condition.
Budget for: A specialist survey or inspection (for damp, electrics, or structural concerns).
2. Solicitor and Conveyancing Fees
You’ll need a solicitor to handle the legal side of your purchase (known as conveyancing). Costs vary depending on the value of the property and the complexity of the transaction.
Budget for: £800-£1,500 on average for first-time buyers.
3. LBTT (Land and Buildings Transaction Tax)
In Scotland, buyers pay LBTT instead of stamp duty. First-time buyers benefit from relief on properties up to £175,000, but above this, tax may apply.
Budget for: Use Revenue Scotland’s LBTT calculator to work out what you’ll owe.
4. Mortgage Costs
Alongside your monthly repayments, some lenders charge arrangement or booking fees for setting up your mortgage. You may also need to pay for a valuation survey.
Budget for: £500-£1,000 depending on your lender and mortgage product.
5. Insurance
Your mortgage provider will usually require buildings insurance from the day you become the owner. You may also want contents insurance, and many buyers take out life or income protection policies too.
Budget for: £20-£50 per month, depending on cover.
6. Moving Costs
Don’t forget the practicalities. From hiring a removal van to professional movers, packing materials, and storage, moving costs can add up quickly.
Budget for: £300-£1,000 depending on the scale of your move.
7. Furnishings and Set-Up Costs
Even if your new home is move-in ready, you’ll probably need some essentials – curtains, white goods, or furniture. Small purchases can add up faster than you think.
Budget for: Variable – set aside at least a few hundred pounds to cover basics.
Final Thoughts
For first-time buyers in Scotland, the deposit is only the beginning. From LBTT to legal fees, surveys to moving vans, being aware of the hidden costs helps you plan ahead and buy with confidence.
At MOV8 Real Estate, our expert team of solicitors and estate agents will guide you through the process, explaining all the costs upfront so there are no surprises.
Thinking about buying your first home? Get in touch today for friendly advice and expert guidance every step of the way.
Leave a Reply