Anyone who has ever bought a property knows it can hit you hard in the pocket. And that's just the UK's property prices alone.
Once you factor in fees, budget and affordability certainty becomes key when buying a home.
One of the biggest mistakes buyers make is failing to consider all fees and charges when budgeting for a property purchase.
Here are six fees you will have to pay when buying a home...
1. Mortgage fees
Almost all mortgages carry with them an arrangement fee. And in most cases, the more attractive the interest rate, the higher the fee.
Most lenders will allow this fee to be added to the mortgage, although buyers purchasing a property at a high loan-to-value percentage may have to pay the fee up front.
Of course, paying up front means you don't pay interest on the fee, which you would do if you add it to your mortgage.
However, should your purchase fall through at any stage, those paying the fee up front would almost certainly lose that money.
Average mortgage arrangement fee: £1,000
2. Valuation fee
Buyers often confuse this cost with the price of a property survey. Both are different and the purpose of the valuation is to provide peace of mind to your mortgage lender that the home you are buying is worth what you are paying for it.
Some lenders, keen for business, will offer to pay this fee for you. But generally it is paid on mortgage application alongside the mortgage arrangement fee (unless you are adding to the loan).
Average mortgage valuation fee: £200
3. Survey fee
So, your lender has peace of mind that your new home is worth lending on. Now it's your turn to be sure your purchase won't bite you in the pocket.
Parkers always recommends buyers undertake at least a Homebuyer Report on any property they are purchasing.
The fee for a survey will need to be paid up front either to your surveyor or to your lender if they are arranging the survey for you.
Average survey fee (Homebuyer Report): £400
4. Stamp Duty
Anyone with any interest in the government's Budget announcements can't fail to have avoided Stamp Duty talk in recent years.
Essentially the tax you pay to government when you buy a home, Stamp Duty is paid to your solicitor and then passed to HM Revenue & Customs once your purchase has completed.
If you are a first-time buyer, great news: Stamp Duty was abolished by Chancellor Philip Hammond in 2017 on the first £300,000 of homes worth up to £500,000.
Here are the amounts of Stamp Duty you will pay depending on the purchase price of your property:
Average Stamp Duty fee: Dependent on purchase price
5. Solicitor's fees
The conveyancing work that comes with a property purchase is substantial, but absolutely vital to ensuring you are legally protected when buying a home.
With that in mind, solicitor's fees can be substantial.
Some conveyancers will expect payment spread throughout the purchase process, while most take their fee once your purchase is completed.
On occasion, lenders will offer to pay these fees, but often this means using their own panel of solicitors rather than finding your own.
Average solicitor's fee: £1,200
6. Land Registry fee
In order for a property to be registered in your name, the Land Registry requires a fee.
Your solicitor will usually deal with this once you have completed your property purchase and, compared with other fees at least, Land Registry fees are relatively small and staggered against your property's purchase price.
Average Land Registry fee: Dependent on purchase price