accounting in property

Do I need an accountant when buying a house?

Tips and Advice

Buying a house is an exciting time but it is also an incredibly stressful one. There are so many things to take into consideration, and you will need to juggle working with estate agents, surveyors and solicitors to complete the sale. Given the amount of money involved and the possible tax implications, it can therefore be surprising that accountants are not more involved in the process? So, do you need an accountant when you buy a house?

Buying a house usually involves hundreds of thousands of pounds and is the biggest purchase any of us will ever make. It is easy to get overwhelmed with the numbers that are thrown around as well as working out the minefield that is the mortgage market. This becomes even more complicated if you are self-employed, and so an accountant can be the perfect person to help you wade through it all.

Why use an accountant?

Buying a house might be setting up your home, but it is also an investment, and it is important to keep that in mind. You would seek financial advice for any other investment that you make, and yet we don’t seem to find it necessary when buying a property. You will need to consider the impact on your monthly budget, as well as any other associated costs and loans that you might not have thought of.

One important thing you need to consider is the taxes that might be affected by your purchase, for example, you may want to know whether your deposit and closing costs may not be tax deductible. As this is your biggest asset, you will also need to know whether there are any tax implications in making money from it through rental options, signing it over to someone else, selling it or leaving it as inheritance.


Mortgages can be complicated things, and you are not guaranteed success in applying for one. Your accountant can help you to get your finances in order to make you more likely to be successful. This includes passing affordability tests, ensuring that you show sufficient income for the size of the mortgage that you need. Hefty deposits are also needed if you want a favourable interest rate, and you accountant can work with you to work out how to accrue this and where to keep it.

If you are self-employed, you may find that you have extra hoops to jump through when it comes to getting a mortgage. Mortgage companies will look at your income, savings and credit rating, and this is usually straight-forward. However, when you are self-employed, you will need to present copies of your accounts which have been prepared by a certified or chartered accountant.

An accountant can be an important person in ensuring that the process of buying a house runs smoothly. They can make sure that you are in the best position to make that investment and that you are making one that is good for your lifestyle and your finances.

Author Bio

Rogers Spencer are Chartered Accountants in Nottingham who can provide businesses with tailored accountancy services, which includes Bookkeeping, Business Taxation, Private Client Taxation, Audit & Assurance and more.

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