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The Cost of Buying a Home in Tooting

Situated just south of Balham and west of Putney in South London, Tooting used to be known as an overspill area, but those days are over. With its elegant Victorian and Edwardian homes, efficient transport links, diverse population and wide range of restaurants and bars, Tooting is becoming one of the hottest places in London for first-time buyers. 

Compared to neighbouring areas, Tooting property is attractively priced. The area includes houses and flats in the £400,000 range, and the average property price in Tooting is £571,759, which compares very favourably with £752,025 for nearby Clapham.

If you’re a first-time buyer looking to buy property in Tooting, it’s important to remember that the purchase price is only part of the story, and there are many other costs to budget for.


Deposit

This is a fee that you pay upfront towards the cost of the property. The bigger the deposit, the more likely it is that your mortgage application will be approved, and the lower your mortgage interest payments will be. Most buyers aim to pay a deposit of between 5% and 20% of the purchase price. 


Stamp duty

Stamp duty is a tax payable on any home costing £125,001 or more, and varies on a sliding scale, according to the value of the property.


Surveyor’s fee

Before buying any property, it’s vital to have a survey carried out to check for problems.; you can choose to have a basic home condition survey, or a full structural survey. Always check with your surveyor as to how much this will cost. 


Legal fees and electronic transfer fee

You will have to pay legal fees to a solicitor in order to process the legal work associated with buying a property as well as a fee to cover the solicitor’s local search, which will check for any planning issues associated with the property. Always check with your solicitor how much these fees will cost.


Removal costs

Don’t overlook the cost of removal itself! If you want to save money, you could rent a van and do it yourself, but the alternative is to pay a professional removal firm to take care of the whole thing.


Mortgage costs

Finding the most suitable mortgage is a vital part of buying your property. As well as considering the interest rate and repayments associated with any mortgage, you should also be aware that you could be required to pay a booking fee, an arrangement fee, and a valuation fee that will enable the mortgage lender to carry out its own survey of the property.


Insurance

Your mortgage lender will require you to take outbuildings insurance on your new home. Other insurance options to consider at this stage are contents insurance for your possessions and life insurance.


Maintenance and repair

The final thing to consider is the cost of maintenance and repair. Many first-time buyers don’t factor this into their budget, but that can be a costly mistake as the average refurbishment and repair bill for a new homeowner can run into the thousands, so be sure to bear this in mind when planning your move.

If you would like to know more about the cost of associated with buying property in Tooting, whether it’s a flat, house or apartment Locate Properties can provide you with all the information you need.


References:

http://www.telegraph.co.uk/property/uk/tooting-its-own-horn-sadiq-khans-home-turf-is-property-gold/

https://www.moneyadviceservice.org.uk/en/articles/estimate-your-overall-buying-and-moving-costs


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TAGS: Homes for Sale Tooting, Tooting Properties, Properties in Tooting, Homes in Tooting
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