Financial Awareness Day: 16 Homebuying Costs To Consider

Buying a home is an exciting milestone, but there’s more to budgeting for your new home than just saving for a deposit. From mortgage payments and legal fees to moving costs and regular household expenses, understanding the full cost of owning your own home can help you plan and feel more financially prepared.

What is Financial Awareness Day?

Financial Awareness Day is an annual opportunity to encourage people to take a closer look at their finances and improve their financial knowledge. It’s a chance to review your spending, understand your financial commitments and make informed decisions about your money, particularly when planning for major milestones such as buying a home. 

When is Financial Awareness Day?

National Financial Awareness Day is celebrated annually on August 14th every year. In 2026, it falls on Friday 14th August.

16 Homebuying costs to consider

Are you a first-time buyer looking for your ideal first home, but are not sure about the costs involved when purchasing a home?

Below is a breakdown of some of the costs involved in buying a new build home, and how we can help you with some of them

Deposit

To buy a home, you’ll need to have a deposit. The deposit is a percentage of the property’s price, a minimum deposit of 5% is normally required for first time buyers. However, if you can afford to, the greater your deposit, the more favourable mortgage rates will be available to you. 

If you know your purchase price budget, why not put it into our mortgage calculator to give you an idea of how much deposit you will need and your average monthly mortgage payment cost.

Occasionally, on our homes we will offer a deposit paid offer to make this part of purchasing more affordable! T&c’s apply.

Mortgage arrangement fees

A mortgage arrangement fee is a charge you may need to pay to your mortgage lender for setting up your mortgage. This fee can vary depending on the mortgage product you choose, and some mortgages may have no arrangement fee.

When budgeting for your new home, check whether your chosen mortgage has an arrangement fee and whether you’ll need to pay it upfront or if it can be added to your mortgage. However, you should keep in mind that adding the fee to your mortgage means you’ll pay interest on it over the term of the mortgage.

Mortgage valuation fees

Your mortgage lender will require a valuation survey to assess the property’s value. This is to make sure it’s worth the amount they'll lend you. The fee is usually paid in advance of the valuation taking place and can be approximately between £250 - £1500 depending on your property’s value, size and location.

Stamp Duty

Stamp Duty Land Tax (SDLT) is a tax you may need to pay when purchasing a property in England or Northern Ireland. Different property taxes apply in Scotland and Wales: Land and Buildings Transaction Tax (LBTT) applies in Scotland, while Land Transaction Tax (LTT) applies in Wales.

If you're a first-time buyer in England or Northern Ireland, you won't pay SDLT on the first £300,000 of your new home. If the property costs more than £300,000, you'll pay SDLT on the portion above this threshold, subject to the current first-time buyer rates. However, if the property costs more than £500,000, you won't be eligible for first-time buyer relief.

In Scotland, first-time buyers can also benefit from relief. You won't pay LBTT on the first £175,000 of the property price. If the property costs more than £175,000, you'll pay the standard LBTT rates on the portion above this threshold.

In Wales, there is currently no specific first-time buyer relief. However, the main residential LTT threshold is £225,000, meaning you'll pay LTT on the portion of the property price above this threshold, at the applicable rate.

This information is subject to change, always check the latest rates on the Government websites.

Survey fees

Before you buy a house, it’s recommended to have it checked by a surveyor. A survey can be important as it reveals hidden structural defects, dampness and costly maintenance issues. 

When having a survey done on your new build home, you must choose a RICS surveyor, which means they are a chartered surveyor and have professional, industry leading qualifications.

Legal fees

When buying your first home, you will need a solicitor to carry out all the legal work. This is one of the higher costs of buying a home as it includes the drawing up of contracts between you and the seller (or us as the housebuilder), handling the deeds and the payment transfer for your new property. Legal fees can vary depending on your solicitor, but can vary from £1,000-£3,000. 

Occasionally, on selected plots, we will offer to help pay your legal fees! We can also recommend solicitors to you. The benefit of using one of our recommended solicitors is that they are familiar with Avant and our products, which can make things move quicker. T&c’s apply. 

Removal fees

If you’re moving far away from your current home or doing it all yourself, you might consider removal van hire for a day or two. Even though moving all your stuff yourself might save you some money, it can be very stressful and time consuming. Van hire prices can vary, but most charge by the hour or by the day, and if you have friends and family on hand, you can save on this cost. 

Council tax

As a homeowner, you will have to pay council tax. This is a fee that your local authority charges for the services it provides, such as your bin collection, leisure services, public transport and public services like healthcare. 

The amount of council tax you pay depends on the value of your home and the area that you live in. It’s important to note that you might be eligible for a reduction on your council tax if you’re a student or are the only adult in your home.

Home insurance

Your mortgage lender will require you to take out buildings insurance to cover your new home against damage from floods, fire, subsidence and anything else. The cost of this will depend on your type of property, location and other key factors. It's also worth getting contents insurance to cover all your possessions inside your home against loss, theft or damage.

Energy bills

You'll need to budget for the energy you use to heat and power your home, including electricity and gas where applicable.

Your bills will depend on things such as the size and energy efficiency of your home, how much energy you use and the tariff you're on. Energy efficient features can help reduce energy consumption, but it's still important to allow for these bills when working out your monthly budget.

Our homes are designed with a range of energy efficient features that can help reduce energy use and lower household bills. You can save up to £420* per year by buying one of our eco-friendly homes!

Water and sewerage bills

Homeowners are also responsible for paying for their water supply and wastewater services.

How you are charged can vary depending on where you live and whether your property has a water meter. Your household's water usage may affect the amount you pay if you have a meter, so it's worth including this as a regular household expense.

Broadband and other household services

Broadband is another regular expense to consider, particularly if you work from home or rely on a reliable internet connection.

You may also want to budget for other services and subscriptions, such as TV packages, streaming services or home security systems. While these aren't essential for every homeowner, they can quickly add to your monthly outgoings.

Service or estate charges

Depending on the property and development, you may need to pay a service charge or estate management charge.

These charges can contribute towards the maintenance of shared or communal areas, such as landscaping, communal spaces, private roads or other facilities. Not every property will have these charges, so it's important to check what's applicable to the property you're considering and what the charge covers.

Maintenance and repairs

One of the biggest differences between renting and owning is that you're generally responsible for maintaining and repairing your home.

This could include anything from fixing a leaking tap or replacing a broken appliance to larger repairs and maintenance further down the line. Setting aside some money regularly can help you deal with unexpected costs without putting pressure on your monthly budget.

Garden maintenance 

If your new home has a garden, you'll need to consider the ongoing cost of looking after it.

This could include purchasing a lawnmower, gardening tools, plants and outdoor furniture, as well as paying for professional gardening services if you don't want to maintain it yourself.

Replacements and home improvements 

As you settle into your home, you may want to make changes to suit your lifestyle. This could include decorating, replacing flooring, buying new furniture or upgrading appliances.

These aren't necessarily regular costs, but it's useful to keep some money aside for larger purchases and improvements that may come up over the years.

Ways to help you buy sooner

As you can see, buying a house involves more than just a mortgage. It’s important if you’re a first-time buyer to understand the costs involved and to plan your finances.

At Avant, we are experts at helping people get onto the property ladder and can offer schemes and offers to help make buying more affordable. Just ask your Sales Advisor what’s available on one of our developments and find your dream home today!

*HBF Watt a Save report February 2026