Often, this is something that many of us dream about. Apart from owning a beautiful property that is likely to be situated in some gorgeous garden grounds and that you could play a great game of hide and seek in, what are the costs of owning such a home?
Land and Building Transaction Tax (LBTT)
Unfortunately, a home with such a high price incurs a higher percentage of LBTT to be paid, so, make sure you take this into account when looking purchase a new home! In fact, LBTT is incurred on properties over £145,000 although the rate varies.
Additionally, if your million pound home is a second home then you will be charged an additional 3%. Again, the same with any second home purchase in Scotland.
Legal fees are an unavoidable cost when purchasing a property but, given the size of the transaction it could result in higher fees so, make sure you find a reputable and reliable solicitor. Here at Next Home we have the perfect in-house team; Next Law. Modern thinking, traditional values.
Make sure you do your maths! You can use tools on sites like Rightmove and Zoopla to help calculate the running costs of a property of that size or alternatively when viewing ask the agent or owner to try and get an idea.
Long and short of it is, make sure you do your sums! So, £1m might be a bit out of most people budgets but, here at Next Home we can certainly help you find your dream home whatever your budget so, just call our team of local property experts today.