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Buying a home is probably the biggest financial decision you will ever make so it is worth taking time
to consider whether it is the right choice for you. You will become responsible for all the costs of maintaining the property, including major structural repairs, routine repairs and improvements. |
You also need to take the following costs into consideration:
- mortgage repayments
- mortgage protection insurance for if you fall ill or lose your job
- life assurance to enable your family to pay off the mortgage if you die
- contents insurance against the risk of theft, fire, flood or other accidents
- council tax and water charges
- gas, electricity, telephone, etc
- ground rent and service charges may apply
The process of buying a house or flat is also costly, as you may need to pay for:
- a solicitor or licensed conveyancer
- an independent survey
- the mortgage to be arranged
- the Land Registry fee
- Stamp Duty
- a home information pack
More Information on Home Information pack's For more information on Mortgages |
