By Sarah Brown, Senior Strategy Manager at Coventry Building Society
When people think about saving for their first home, it’s understandable that the deposit is usually the number they focus on most. Building up that pot can take years of careful budgeting, discipline and sacrifice. But one thing many aspiring homeowners discover along the way is that buying a home involves a range of additional costs too. Understanding those early can help people feel more confident and prepared when the time comes to buy.
For some buyers, support from family can play a role in helping them take that first step onto the property ladder. But whether you’re saving independently, as a couple, or with help from loved ones, having a broader plan beyond the deposit itself can make a real difference.
Legal and conveyancing fees are often one of the first unexpected costs buyers encounter. A solicitor or licensed conveyancer manages the legal side of the purchase, from contracts through to completion, and costs can vary depending on the property and complexity of the transaction. There can also be valuation and survey costs to consider. Mortgage lenders will usually carry out a valuation, but some buyers choose to arrange their own survey too, particularly for older properties, to help identify any issues before moving in.
Another important factor is the transition period around moving home itself. Some buyers find there’s a short period where costs overlap, such as paying rent alongside a first mortgage payment, while also covering moving expenses, bills and those practical purchases every new home needs. And it’s often the smaller things people forget to budget for: furniture, appliances, broadband installation, home insurance or even stocking up the fridge after moving day.
That’s why building a small financial buffer alongside a deposit can be so valuable. It can help provide reassurance and flexibility during what is naturally a very busy life moment.
One approach that can help is breaking savings goals into smaller categories. For example, separating out savings for the deposit, legal fees, moving costs and emergency savings. For many people, this can make the overall target feel more achievable and easier to track over time.
It’s also important to remember that everyone’s journey to home ownership looks different. Comparison can sometimes make the process feel more pressured than it needs to be. Buying a first home is a huge milestone, and saving for it is about far more than simply reaching a deposit figure. Preparing for the wider costs of home ownership can help people take that next step with greater confidence and focus on the excitement of getting the keys to a place of their own.
